Professional Documents
Culture Documents
12
Republic of Korea
Economic Bulletin
The Green Book : Current Economic Trends
Overview
2. Private consumption
3. Facility investment
12
4. Construction investment
14
16
18
20
8. Employment
22
9. Financial markets
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
26
30
32
36
40
Policy Issues
2012 economic policies aim at stronger economy and
improved living quality
42
47
Statistical Appendices
53
US
The U.S. economic recovery continued with an improvement of economic indicators such as
consumption, production and employment, but economic growth was revised downward to
2.0 percent (annualized q-o-q) in the third quarter from the advanced estimate.
Sales of consumer goods continued to grow with an improvement of consumer sentiment
that had significantly declined due to unease in financial markets from the European
financial crisis.
University of Michigan consumer sentiment index
71.5 (Jun 2011)
63.7 (Jul)
55.7 (Aug)
59.4 (Sept)
60.9 (Oct)
64.1 (Nov)
0.0 (May)
0.2 (Jun)
0.4 (Jul)
0.3 (Aug)
1.1 (Sept)
0.5 (Oct)
The ISM Manufacturing Index and industrial production also continued to improve.
ISM manufacturing Index (base=50)
53.5 (May 2011)
55.3 (Jun)
50.9 (Jul)
50.6 (Aug)
51.6 (Sept)
50.8 (Oct)
52.7 (Nov)
The recovery of the job market gained momentum as the unemployment rate fell from 9.0
percent in September to 8.6 percent in October, although the housing market remained in
a slump.
(Percentage change from previous period)
2009
Real GDP
20111
2010
Aug
Sep
Oct
2.0
Annual
Annual
Q3
Q4
Q1
Q2
Q3
-3.5
3.0
2.5
2.3
0.4
1.3
-1.9
2.0
2.6
3.6
2.1
0.7
2.3
-17.8
4.4
11.3
8.7
2.1
10.3
14.8
-16.0
14.6
-27.7
2.5
-2.4
4.2
1.6
Industrial production
-11.2
5.3
1.6
0.8
1.2
0.1
1.3
0.0
-0.1
0.7
-1.7
3.8
0.9
1.4
1.5
1.0
1.1
0.2
0.7
0.1
5.2
-4.5
-25.1
13.8
8.2
-4.9
-0.1
8.4
-3.2
1.4
Unemployment rate3
9.3
9.6
9.6
9.6
8.9
9.1
9.1
9.1
9.0
8.6
-0.3
1.6
0.4
0.7
1.3
1.0
0.8
0.4
0.3
-0.1
Retail sales
Consumer prices
1. Preliminary
December 2011
3. Seasonally adjusted
1-1
1-2
1-3
Economic Bulletin
China
The growth of Chinas exports slowed down significantly due to the global economic
slowdown, and the manufacturing Purchasing Managers Index (PMI) hit its lowest mark in
33 months in November.
Manufacturing PMI (base=50)
52.0 (May 2011)
50.9 (Jun)
50.7 (Jul)
50.9 (Aug)
51.2 (Sept)
50.4 (Oct)
49.0 (Nov)
On November 30, the Peoples Bank of China announced that it was lowering its depositreserve ratio by 50 basis points from 21.5 percent to 21 percent to cope with the worsening
of external conditions and the slowdown of growth.
(Percentage change from same period in previous year)
Real GDP
2009
Annual
9.1
Annual
2010
Q3
Q4
Q1
10.3
9.6
9.8
9.7
Q2
20111
Q3
Aug
Sep
Oct
9.5
9.1
11.0
15.7
13.5
13.3
14.9
13.9
13.8
13.5
13.8
13.2
30.5
24.5
24.5
24.5
32.5
27.0
28.0
28.1
28.0
28.7
Retail sales
15.5
23.3
23.9
22.0
17.1
18.2
17.2
17.0
17.7
17.7
-16.0
31.3
32.2
24.9
26.4
22.0
20.5
24.5
17.1
15.9
Consumer prices
-0.7
3.3
3.5
4.7
4.9
5.7
6.3
6.2
6.1
5.5
Producer prices2
-5.4
5.5
4.5
5.7
7.0
6.9
7.1
7.3
6.5
5.0
Industrial production
Exports
2
1. Preliminary
2. Quarterly change: average of monthly change
Source: China National Bureau of Statistics
Japan
Japans exports declined in October due to the European financial crisis and the flooding in
Thailand, but the country posted positive quarter-on-quarter growth in the third quarter for
the first time in four quarters at 1.5 percent. On November 21, the Japanese government
approved its third supplementary budget of 12.1 trillion yen.
(Percentage change from previous period)
2009
Annual
Real GDP
Industrial production
Retail sales (y-o-y)
Exports (y-o-y)
Consumer prices (y-o-y)
1. Preliminary
Annual
2010
Q3
Q4
Q1
Q2
20111
Aug
Q3
Sep
Oct
2.4
1.5
-6.3
4.0
0.8
-0.3
-0.7
-0.3
-21.9
16.4
-1.1
-0.1
-2.0
-4.0
4.3
0.6
-3.3
-2.3
2.5
3.2
-0.4
-3.0
-1.7
-1.0
-2.6
-1.1
1.9
-33.1
24.4
17.8
10.0
2.4
-8.0
0.5
2.8
2.3
-3.8
-1.4
-0.7
-0.8
0.1
-1.4
-0.4
0.1
0.2
0.0
-0.2
Source: Japan's Statistics Bureau and Statistics Centre, Ministry of Economy, Trade and Industry, Ministry of Finance
Eurozone
Industrial production and retail sales shifted to a decline and export growth slowed down,
while consumer prices continued to increase. The EU Commission revised downward its
growth forecast for the eurozone, predicting that growth will remain low due to financial market
unease and the slowdown of the global economy.
EU growth forecast (May
1.6
November, %)
Real GDP
Industrial production
Retail sales
Exports (y-o-y)
Consumer prices (y-o-y)
1. Preliminary
Source: Eurostat
December 2011
2009
Annual
-4.1
-14.7
Annual
2010
Q3
Q4
Q1
Q2
20111
Aug
Q3
Sep
Oct
1.8
0.4
0.3
0.8
0.2
0.2
7.4
1.0
1.8
0.9
0.4
0.9
1.5
-2.1
-2.4
0.8
0.2
0.3
-0.1
-0.3
0.0
0.1
-0.7
-18.1
20.1
22.8
21.8
21.7
13.0
9.4
12.1
9.7
0.3
1.6
1.7
2.0
2.4
2.7
2.6
2.5
3.0
3.0
1-4
1-5
1-6
Economic Bulletin
2. Private consumption
Private consumption (preliminary) rose 0.4 percent quarter-on-quarter and 2.0 percent yearon-year in the third quarter of 2011.
(Percentage change from same period in previous year)
2010 1
2009
Private consumption
q-o-q
Annual
Q3
Q4
Annual
0.0
0.4
5.6
1.4
0.9
20111
Q1
Q2
Q3
Q4
Q1
Q2
Q3
4.1
6.6
3.5
3.6
2.9
2.8
3.0
2.0
0.5
0.7
1.4
0.3
0.4
0.9
0.4
1. Preliminary
2. National accounts
Source: The Bank of Korea
Retail sales rose month-on-month in October for the first time in three months as sales of
groceries and other non-durable goods increased due to the slowdown of the rise of
consumer prices.
However, sales of semi-durable goods and durable goods including automobiles slightly
declined month-on-month.
On a year-on-year basis, sales of durable, semi-durable and non-durable goods all rose, but
those of durable and non-durable goods slowed down an increase to a certain extent.
(Percentage change from same period in previous year)
2009
Automobiles
- Semi-durable goods
- Non-durable goods4
20111
2010
Annual
Annual
Q3
Q4
Q1
Q2
Q31
Aug
Sep1
Oct1
2.7
6.6
7.5
5.1
5.1
5.7
4.4
5.2
2.8
2.2
3.3
0.8
1.1
0.2
2.3
-0.2
-3.2
0.6
8.2
14.9
17.0
10.6
12.9
17.5
10.4
12.2
6.5
2.9
21.8
11.1
12.0
0.1
10.2
13.0
8.3
6.7
7.3
-7.7
1.3
6.8
6.6
11.1
6.1
5.6
4.0
3.8
4.4
3.5
1.2
2.2
3.0
-0.7
0.8
-0.4
2.0
2.6
1.1
3.1
1. Preliminary
2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc.
3. Semi-durable goods: Clothing, footwear, etc.
4. Non-durable goods: Food, medicine, cosmetics, fuel, tobacco, etc.
Source: Statistics Korea
- Department stores
- Large discounters
- Specialized retailers
- Nonstore retailers
20111
2010
2009
Annual
Annual
Q3
Q4
Q1
Q2
Q31
Aug
Sep1
Oct1
4.3
8.8
7.4
10.5
11.5
9.7
6.5
7.6
5.3
3.5
-2.2
4.4
7.6
0.8
3.5
5.1
2.3
3.0
0.3
7.7
3.0
5.6
7.3
4.2
4.3
4.9
3.9
3.8
1.8
-0.6
8.7
15.6
11.4
13.5
11.5
9.2
9.4
15.4
7.0
6.5
1. Preliminary
2. Specialized retailers are defined as stores carrying a few (1 to 3) specialized items.
Source: Statistics Korea
December 2011
2-1
Private consumption
Source: The Bank of Korea (national accounts)
2-2
2-3
Economic Bulletin
Considering advanced indicators, there is a possibility that retail sales may slow down in
November compared to the previous month.
The growth of credit card use slowed down slightly as sales of distributors went down, with
department store sales dropping from a 3.8 percent increase to a 1.1 percent decrease and
sales at large discounters falling from 5.6 percent to 0.3 percent.
Automobile sales declined at a faster pace than the previous month.
However, gasoline sales climbed 1.4 percent year-on-year due to a drop in prices from the
stabilization of the exchange rate.
Gasoline prices (won per liter)
1,992 (1st week of Nov, 2011)
16.6 (Jul)
19.8 (Aug)
19.7 (Sep)
17.4 (Oct)
14.5 (Nov1)
8.5 (Jul)
8.3 (Aug)
6.5 (Sep)
3.8 (Oct)
-1.1 (Nov1)
4.9 (Jul)
2.0 (Aug)
-1.1 (Sep)
5.6 (Oct)
0.3 (Nov1)
9.2 (Jul)
-0.3 (Aug)
1.0 (Sep)
-1.4 (Oct)
1.4 (Nov1)
6.1 (Jul)
3.7 (Aug)
3.8 (Sep)
-8.8 (Oct)
-12.6 (Nov1)
1. Preliminary
Source: Ministry of Knowledge Economy
The Credit Finance Association
Korea National Oil Corporation
The Korea Customs Service
Korea Automobile Manufacturers Association
Ministry of Strategy and Finance (for November data)
472 (Jun)
335 (Jul)
490 (Aug)
264 (Sep)
501 (Oct)
4.2 (Jun)
4.5 (Jul)
4.7 (Aug)
3.8 (Sep)
3.6 (Oct)
4.2 (Nov)
6.6 (Jun)
11.1 (Jul)
13.9 (Aug)
-4.2 (Sep)
-10.1 (Oct)
-4.2 (Nov)
The consumer sentiment index rose above the benchmark in November, showing that
consumer sentiment is gradually improving.
Consumer sentiment index (CSI, base=100)
100 (Apr 2011)
10
December 2011
104 (May)
102 (Jun)
102 (Jul)
99 (Aug)
99 (Sep)
100 (Oct)
103 (Nov)
2-4
2-5
2-6
Economic Bulletin
11
3. Facility investment
Facility investment (preliminary GDP) in the third quarter of 2011 fell 0.8 percent quarter-onquarter, and rose 1.0 percent year-on-year.
(Percentage change from same period in previous year)
2009
Facility investment
q-o-q
- Machinery
- Transportation equipment
2010
20111
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Q2
Q3
-9.8
25.0
29.1
30.5
26.6
15.9
11.7
7.5
1.0
2.8
7.9
5.6
-1.0
-1.1
3.9
-0.8
-13.5
30.8
30.0
35.3
38.9
20.5
13.9
9.0
2.8
6.7
24.2
15.6
-6.6
0.6
3.2
2.0
1. Preliminary
2. National accounts
Source: The Bank of Korea
Facility investment in October slipped 12.1 percent month-on-month and 11.9 percent yearon-year, as investment in both machinery and transportation equipment declined. It is
expected to further struggle as corporate investment sentiment is worsening amid external
uncertainties. Leading indicators sent mixed signals, with domestic machinery orders
increasing and machinery imports and the manufacturing operation ratio decreasing.
(Percentage change from same period in previous year)
2009
20111
2010
Annual
Annual
Q3
Q4
Q1
Q2
Q31
Aug
Sep1
Oct1
-9.4
25.1
29.3
13.6
6.6
4.8
-3.5
-3.3
-4.3
-11.9
q-o-q, m-o-m
7.2
-5.4
-0.2
3.0
-0.9
1.9
-2.2
-12.1
- Machinery
-12.6
30.5
37.4
17.1
6.8
7.0
-3.6
-5.3
-2.5
-11.3
Facility investment
- Transportation equipment
4.6
4.3
-0.1
-1.2
5.6
-5.7
-3.2
8.8
-11.9
-14.5
-10.3
11.2
-0.2
11.3
19.5
8.2
1.3
6.0
3.3
14.2
-3.6
4.1
3.6
3.9
-9.4
1.0
-4.3
0.4
- Public
62.4
-37.9
-71.7
31.4
-10.3
82.0
6.1
8.0
-19.1
198.7
- Private
-18.2
21.8
22.0
7.8
22.7
3.1
0.9
5.9
5.5
2.7
-16.6
40.4
40.0
26.3
8.0
10.5
9.2
11.3
3.3
-7.6
-3.5
8.8
1.8
5.3
2.6
-0.3
-0.1
0.6
1.9
-2.2
-3.7
9.5
3.4
4.6
4.1
1.6
1.2
1.1
3.3
2.3
Machinery imports
1. Preliminary
2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea, the Korea International Trade Association (machinery imports data)
2011
12
December 2011
Jun
Jul
Aug
Sep
Oct
Nov
Dec
102
103
103
100
98
96
97
3-1
3-2
3-3
Machinery imports
Source: Korea International Trade Association (KITA)
Economic Bulletin
13
4. Construction investment
Construction investment (preliminary GDP) in the third quarter of 2011 rose 1.8 percent
quarter-on-quarter, and dropped 4.6 percent year-on-year.
(Percentage change from same period in previous year)
20101
2009
20111
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Q2
Q3
3.4
-1.4
4.3
-2.3
-3.1
-2.9
-11.9
-6.8
-4.6
2.0
-4.2
-0.8
-1.0
-6.7
1.6
1.8
- Building construction
-2.3
-2.9
4.5
-5.1
-6.3
-2.8
-11.3
-3.7
11.6
0.5
4.0
1.0
1.7
-2.9
-12.7
-10.4
Construction investment
q-o-q
The value of construction completion (constant) in October increased 3.1 percent month-onmonth and 3.0 percent year-on-year, as both building construction and civil engineering
works rose.
(Percentage change from same period in previous year)
2009
20111
2010
Annual
Annual
Q3
Q4
Q1
Q2
Q3
1.6
-3.3
-6.8
-4.3
-12.6
-6.6
-8.6
-9.51
-0.8
3.0
-4.3
-1.6
-4.6
3.5
-6.1
0.81
4.9
3.1
- Building construction
-6.4
-7.1
-12.3
-8.5
-15.2
-8.4
-8.1
-10.71
0.7
2.6
16.1
2.2
1.9
1.2
-9.2
-4.3
-9.3
-7.9
-2.9
3.5
5.0
-18.7
-3.6
-40.2
-12.8
-3.3
0.9
75.4
-5.0
56.3
-1.4
-22.9
12.8
9.8
8.2
65.8
-25.5
-4.1
-14.2
-9.9
-1.3
-46.4
-9.7
-4.0
8.6
87.7
4.1
38.4
44.3
-29.5
-7.0
-29.9
-17.0
-1.5
-11.0
50.7
-22.4
113.4
-12.9
19.3
-14.3
18.1
21.5
3.8
58.7
87.8
59.2
20.1
Aug
Sep1
Oct1
1. Preliminary
Source: Statistics Korea, the Ministry of Land, Transport and Maritime Affairs
Construction investment is forecast to slowly recover given recovery signs in the housing
market such as a drop in unsold houses and improving leading indicators of building
construction orders, the building permit area, and building permits for new homes. As of
October 31, building permits for new homes increased 88.4 percent year on year. However, the
poor corporate sentiment of construction industries is likely to limit construction investment.
2009
Unsold houses
2010
2011
Dec
Dec
Aug
Sep
Oct
123,000
89,000
69,000
68,000
66,000
2011
14
December 2011
Jul
Aug
Sep
Oct
Nov
Dec
76.8
64.1
74.0
72.2
69.0
70.3
4-1
Construction investment
Source: The Bank of Korea (national accounts)
4-2
4-3
Economic Bulletin
15
Exports
(y-o-y, %)
Average daily exports
Imports
(y-o-y, %)
Average daily imports
2010
2011
Annual
Annual
Q3
Q4
Q1
Q2
Q3
Sep
Oct
Nov1
Jan-Nov1
363.53
466.38
116.32
128.75
130.99
142.71
141.23
46.55
46.82
46.97
508.73
-13.9
28.3
22.7
23.8
29.6
18.7
21.7
18.8
8.0
13.8
20.5
1.30
1.70
1.72
1.79
1.99
2.08
2.05
2.12
2.08
1.96
2.03
323.08
425.21
105.70
115.73
123.79
134.37
134.94
45.27
42.76
43.06
478.92
-25.8
31.6
24.6
24.6
26.1
27.2
27.7
29.3
15.6
11.3
24.3
1.16
1.46
1.57
1.61
1.87
1.96
2.05
2.06
1.90
1.79
1.91
1. Preliminary
Source: Korea Customs Service
2011
Jul
Aug
Sep
Oct
Nov
3,145
3,038
2,978
2,781
2,772
The current account surplus (preliminary) in November was US$3.91 billion, staying in
the black.
(US$ billion)
2009
Trade balance
1. Preliminary
Source: Korea Customs Service
16
December 2011
2010
2011
Annual
Annual
Q3
Q4
Q1
Q2
Q3
Sep
Oct
Nov1
Jan-Nov1
40.45
41.17
10.62
13.02
7.20
8.34
6.29
1.28
4.07
3.91
29.81
5-1
5-2
5-3
Trade balance
Source: Korea Customs Service & Ministry of Knowledge Economy (export and import trend)
Economic Bulletin
17
Q2
Q31
Aug
Sep1
Oct1
1.1
-2.5
0.0
-0.1
-1.9
1.2
-0.7
(y-o-y)
16.2
10.9
13.4
7.2
5.1
4.7
6.9
6.2
- Manufacturing
16.7
11.2
13.7
7.4
5.1
4.7
7.1
6.3
ICT 3
25.2
19.1
13.4
10.5
5.4
2.7
10.2
16.9
Automobiles
23.1
11.3
15.8
12.1
16.2
22.7
15.5
11.7
Shipment
14.4
9.9
13.5
7.2
5.0
4.3
7.5
4.0
- Domestic demand
11.5
6.6
11.1
3.8
2.6
2.6
4.2
0.2
- Exports
18.2
14.5
16.8
11.6
7.9
6.2
11.8
9.0
17.4
19.1
18.8
10.0
10.8
11.9
10.8
14.8
81.2
81.2
79.7
81.4
81.3
80.4
81.3
79.5
7.2
7.8
7.6
5.8
3.9
3.6
3.8
4.0
Mining and
manufacturing
activity2
2011
Q3
Annual
Inventory
392 (Jul)
320 (Aug)
374 (Sep)
415 (Oct)
429 (Nov)
-0.5 (Jul)
-0.5 (Aug)
-0.4 (Sep)
18
December 2011
3.97 (Jul)
4.11 (Aug)
4.59 (Sep)
4.35 (Oct)
4.10 (Nov)
6-1
Industrial production
Source: Statistics Korea (industrial activity trend)
6-2
6-3
Inventory
Source: Statistics Korea (industrial activity trend)
Economic Bulletin
19
4.2 (Jun)
4.5 (Jul)
4.7 (Aug)
3.8 (Sep)
3.6 (Oct)
6.6 (Jun)
11.1 (Jul)
13.9 (Aug)
-4.2 (Sep)
-10.1 (Oct)
After the EU summit held on October 27, financial markets stabilized on expectations for a
resolution to Europes debt crisis. With financial markets regaining stability, financial &
insurance services rose 2.1 percent month-on-month.
KOSPI (points)
1,796.1 (end-September)
Real estate & renting declined 3.8 percent month-on-month and 4.3 percent year-on-year,
falling for 17 consecutive months.
(Percentage change from same period in previous year)
Weight
2009
2010
Annual Annual
Q3
Q4
Q1
Q2
Q31
Aug
Sep1
Oct1
2.3
3.2
2.7
3.3
4.2
4.9
3.8
3.5
100.0
1.8
21.8
-0.4
5.7
5.0
4.7
4.0
4.8
3.3
4.7
2.4
3.5
- Transportation services
9.0
-6.6
12.0
10.1
10.0
7.2
3.5
4.3
4.8
4.1
1.4
7.7
-1.4
1.2
1.3
1.7
-0.6
1.9
1.3
1.0
0.5
0.5
8.4
0.9
1.9
2.2
3.6
3.9
3.4
5.4
6.0
5.9
6.5
3.9
2011
15.3
7.8
4.6
1.4
8.2
7.2
8.2
9.0
11.0
8.2
7.4
6.3
5.3
-8.6
-15.9
-24.2
-17.7
-11.5
-3.4
-3.1
-3.6
-4.3
4.8
1.2
-0.5
-3.9
-1.3
-3.6
-1.4
3.8
3.7
7.7
3.1
- Business services
2.9
-3.0
7.5
7.6
8.6
5.7
5.5
3.0
2.7
1.3
2.3
- Educational services
10.8
2.1
2.0
0.5
3.1
1.1
0.2
1.9
2.8
1.0
0.7
6.0
10.4
8.8
8.6
4.6
6.2
5.0
5.1
5.0
5.7
7.6
2.9
-0.5
-0.4
-0.4
2.7
2.4
1.2
2.1
1.0
2.3
-0.1
- Membership organizations
3.8
-2.1
4.3
5.0
4.5
2.9
2.4
1.5
1.1
1.1
-2.3
0.4
3.7
5.1
1.7
6.4
0.0
-3.1
0.2
7.1
-1.1
3.9
1. Preliminary
Source: Statistics Korea
20
December 2011
es
usin ty m
ess ana
sup gem
port ent
serv &
ices
Edu
cati
ona
l se
rvic
es
Hea
lthc
are
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ocia
l we
Ente
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rtai
ices
nme
nt, c
ultu
ral &
sp
Me
serv orts
& o mbersh
ices
ther ip o
pers rgan
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l se ions
rvic , re
es
pair
Sew
mat erage
eria
,
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ry & nage
rem men
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vitie
s
Prof
& re
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g
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iona
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,
tech scie
nica ntif
Bus
l se ic &
ines
rvic
s fa
es
cili
b
rvic
ns
rant
ion
atio
e se
tate
ranc
l es
insu
stau
unic
& re
omm
els
ex
tail
rtat
& re
spo
ale
Tran
oles
&c
Rea
l&
tion
ncia
rma
Fina
Info
Hot
Wh
7-3
l ind
7-2
Tota
7-1
Service industry
Economic Bulletin
21
8. Employment
The number of workers on payroll in October increased by 501,000 from a year earlier to
24,670,000 and the employment rate (seasonally adjusted) rose by 0.5 percentage points
year-on-year to 59.9 percent.
By industry, services (up 555,000) led the upward trend. In addition, employment in
construction (up 41,000), which had remained weak in the previous months, contributed to
payroll employment gains.
By status of workers, regular workers (up 517,000) continued to increase. The number of
daily workers (down 91,000) and unpaid family business employees (down 36,000), which
had temporarily plummeted in September due to Chuseok holidays, decelerated the pace
of a decline.
2009
Annual
Number of employed (million)
2010
Q4
Annual
Q1
Q2
2011
Q3
Q4
Oct
Q1
Q2
Q3
Sep
Oct
23.51 23.63 23.83 23.04 24.17 24.12 23.99 24.17 23.46 24.57 24.48 24.32 24.67
58.6
58.7
58.7
57.0
59.6
59.3
58.9
59.4
57.4
59.9
59.5
59.1
59.9
(seasonally adjusted)
58.6
58.5
58.7
58.3
58.9
58.9
58.6
58.7
58.8
59.2
59.1
58.6
59.2
-72
-6
323
132
433
369
358
316
423
402
363
264
501
-34
110
405
296
518
414
393
371
451
39
414
323
534
-126
-49
191
61
172
262
269
241
228
112
-12
-48
-55
- Construction
-91 -107
33
-61
44
92
57
94
-3
-41
-35
-50
41
- Services
179
261
200
313
325
83
80
55
224
331
472
434
555
-38 -116
-82 -164
-85
-45
-35
-55
-28
-51
-59
-33
- Wage workers
247
385
517
371
623
541
532
488
519
421
392
275
430
Regular workers
383
515
697
651
766
671
699
652
605
621
572
547
517
22
105
-34
-37
42
-26 -114
-81
-88 -137
-76
-60
-5
-91
Temporary workers
Daily workers
-84
- Non-wage workers
-96
-19
-29
-11
71
Self-employed workers
-39
34
88
107
161
266
221
208
181
248
146
88
157
181
155
83
253
-57
-58
-49
-74
-1
20
21
17
-7
-34
-13
-83 -104
-66
117
188
207
212
142
15
245
163
-43
-12
-58
-44
-173 -149
-4
-42
-13
31
89
181
- Female
-103
-94
- 15 to 29
-127
-77
- 30 to 39
- Male
-53
- 40 to 49
-24
-46
29
-21
48
40
50
26
77
59
46
12
55
- 50 to 59
198
230
294
251
342
295
287
262
286
294
270
241
300
54
37
47
-44
114
57
60
26
143
137
131
114
192
- 60 or more
Source: Statistics Korea
22
December 2011
8-1
8-2
8-3
Economic Bulletin
23
2009
2010
Annual
Q4
889
817
Annual
Q1
920 1,130
2011
Q2
Q3
Q4
Oct
Q1
868
873
808
832 1,028
Q2
Q3
Sep
Oct
865
786
758
736
119
60
31
222
-75
-13
-10
33
-101
-3
-88 -100
-96
- Male
80
25
-7
83
-47
-48
-16
-5
-70
-32
-48
-39
-46
- Female
40
36
38
139
-29
35
38
-32
29
-40
-61
-50
3.6
3.3
3.7
4.7
3.5
3.5
3.3
3.3
4.2
3.4
3.1
3.0
2.9
(Seasonally adjusted)
3.6
3.5
3.7
4.3
3.5
3.6
3.4
3.5
3.9
3.4
3.2
3.2
3.1
- 15 to 29
8.1
7.6
8.0
9.5
7.7
7.6
7.1
7.0
8.8
7.9
6.7
6.3
6.7
- 30 to 39
3.6
3.3
3.5
3.9
3.6
3.5
3.2
3.4
4.0
3.5
3.2
3.1
2.9
- 40 to 49
2.4
2.3
2.5
2.9
2.3
2.5
2.2
2.4
2.5
2.1
2.0
2.0
2.0
- 50 to 59
2.5
2.2
2.5
3.2
2.1
2.3
2.3
2.3
2.7
2.0
2.1
2.2
1.8
- 60 or more
1.6
1.5
2.8
5.8
2.1
2.0
1.9
1.8
4.5
2.3
2.1
2.2
1.7
The economically inactive population in October was up 49,000 from a year earlier to
15,760,000. Meanwhile, the labor force participation rate (seasonally adjusted) rose 0.3
percentage points year-on-year to 61.7 percent.
The number of workers quitting jobs due to housework (up 141,000), rest, time-off and
leisure (up 124,000), and childcare (up 21,000) increased, while those who quit jobs due to
education (down 97,000) and old age (down 6,000) decreased.
2009
Annual
2011
2010
Q4
Annual Q1
Q2
Q3
Q4
Oct
Q1
Q2
Q3
Sep
Oct
Economically inactive population (million) 15.70 15.83 15.84 16.25 15.49 15.66 15.96 15.71 16.39 15.56 15.85 16.07 15.76
Labor force participation rate (%)
60.6
60.7
61.0
59.8
61.8
61.5
60.8
61.4
59.9
62.0
61.5
61.0
61.7
(seasonally adjusted)
60.6
60.6
61.0
61.0
61.0
61.1
60.8
60.8
61.1
61.3
61.0
60.6
61.1
447
456
143
166
146
128
133
130
138
66
191
294
49
-44
-16
17
25
21
- Childcare
40
- Housework
148
235
201
237
175
203
189
234
130
27
143
248
141
- Education
31
-36
12
-74
23
46
55
37
-16
-39
-78
-50
-97
80
193
59
43
25
-56 -187
-27
15
-27
- Old age
- Rest, time-off and leisure
Source: Statistics Korea
24
December 2011
88
92
123
123
1 -103
-25
241
-58
-22
-32
-6
163
193
202
124
8-4
Employment rate
Source: Statistics Korea (employment trend)
8-5
Unemployment rate
Source: Statistics Korea (employment trend)
8-6
Economic Bulletin
25
9. Financial market
9.1 Stock market
The Korean stock price index in November dropped 3.2 percent month-on-month to 1,848
points from the previous months 1,909 points. Due to weak investment sentiment affected by
concerns over a spread of the eurozone debt crisis, sluggish economic indicators in the US
and China, and the US congressional supercommittees failure to reach an agreement on a
long-term debt-reduction plan, the Korean stock market fell to 1,776 points on November 25.
The index decelerated the decline thereafter, boosted by expectations over improved US
economic indicators ahead of the holiday shopping season and the EUs policy coordination
such as agreeing on the expansion of the European Financial Stability Fund (EFSF).
Foreign investors shifted to a net-selling position of 3.1 trillion won from the previous
months net-buying position of 1.2 trillion won.
(End-period, point, trillion won)
KOSPI
Oct 2011
Nov 2011
1,909.0
1,847.5
Market capitalization
1,081.8
KOSDAQ
Change
Oct 2011
Nov 2011
-61.5 (-3.2%)
490.7
492.8
+2.1 (+0.4%)
1,049.1
-32.6 (-3.0%)
102.0
103.4
+1.4 (+1.4%)
Change1
6.7
5.4
-1.3 (-19.5%)
3.04
2.81
-0.2 (-7.5%)
33.1
33.0
-0.1 (-0.3%)
9.1
8.5
-0.6 (-6.4%)
2008
2009
2010
Dec
Dec
Dec
Dec
Oct
2011
Nov
Change1
Won/Dollar
936.1
1,259.5
1,164.5
1,134.8
1,110.0
1,143.0
-0.7
Won/100 Yen
828.6
1,396.8
1,264.5
1,393.6
1,398.0
1,467.8
-5.1
1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.
26
December 2011
9-1
Stock prices
9-2
9-3
Economic Bulletin
27
2007
2008
2009
2010
Dec
Dec
Dec
Dec
Dec
Sep
Oct
2011
Nov
Change1
4.60
5.02
3.02
2.01
2.51
3.28
3.26
3.27
+1
CD (91 days)
4.86
5.82
3.93
2.88
2.80
3.58
3.57
3.55
-2
4.92
5.74
3.41
4.44
3.38
3.55
3.51
3.38
-13
5.29
6.77
7.72
5.56
4.27
4.36
4.35
4.22
-13
5.00
5.78
3.77
4.98
4.08
3.66
3.63
3.49
-14
M12
2008
2009
Annual
Annual
Annual
Q1
2010
Q2
Q3
Q4
Jun
Jul
Aug
2011
Sep
Sep1
-1.8
16.3
11.8
14.5
10.7
10.8
11.2
5.4
3.8
5.4
5.14
425.24
1,729.54
2,243.74
M2
14.3
10.3
8.7
9.4
9.5
8.6
7.4
3.0
3.2
4.0
4.2
Lf 3
11.9
7.9
8.2
8.5
9.1
8.2
7.1
4.1
4.6
5.6
5.74
2010
Oct
2011
Annual
Oct
Aug
Sep
Oct
Oct1
Bank deposits
54.8
-6.8
36.9
13.7
3.9
6.8
13.0
1,098.9
AMC deposits
-27.6
-7.3
-16.7
0.1
4.4
3.0
9.3
1,318.4
28
December 2011
9-4
Interest rates
Source: The Bank of Korea
9-5
9-6
Economic Bulletin
29
2010
2011
Annual
Annual
Q3
Q4
Q1
Q2
Q3
Aug
Sep
Oct
Jan-Oct
Current account
32.79
29.39
10.12
8.47
2.61
5.49
6.90
0.29
2.83
4.23
19.23
- Goods balance
37.87
40.08
11.57
11.91
5.84
7.66
7.20
0.37
2.10
3.65
24.35
- Service balance
-6.64
-8.63
-1.79
-2.57
-2.54
-0.80
-1.20
-0.58
0.07
0.00
-4.53
- Income balance
2.28
1.01
1.29
0.03
0.39
-0.82
1.31
0.70
0.54
0.64
1.52
- Current transfers
-0.71
-3.08
-0.95
-0.91
-1.08
-0.55
-0.42
-0.20
0.12
-0.06
-2.11
1. Preliminary
Source: The Bank of Korea
The capital and financial account (preliminary) in October registered an outflow of US$4.37
billion. The accumulated capital and financial account from January to October 2011 posted a
deficit of US$22.25 billion.
Capital & financial account balance (US$ billion)
-3.96 (May, 2011)
-3.25 (Jun)
-2.47 (Jul)
-1.69 (Aug)
-4.16 (Sep)
-4.37 (Oct1)
1. Preliminary
The direct investment account recorded a net outflow of US$1.13 billion, declining from the
previous months outflow of US$2.10 billion as foreign direct investment increased while
overseas direct investment by locals decreased.
The portfolio investment account expanded to a net inflow of US$3.92 billion from the
previous months US$1.77 billion as the net inflow of debt securities investment funds
continued and foreign investor funds for equity securities investment shifted to a net inflow.
The financial derivatives account swung to a net inflow of US$110 million from the previous
months outflow of US$150 million. Meanwhile, the other investment account shifted to an
inflow of US$2.81 billion from the previous months outflow of US$16.75 billion due to an
increase in local banks borrowings.
The current account in November is expected to maintain a surplus, helped by a continuing
surplus in the goods account.
30
December 2011
Economic Bulletin
31
4.0 (Jul)
4.2 (Aug)
4.3 (Sep)
4.2 (Oct)
4.1 (Nov)
14.0 (Sep)
16.0 (Oct)
(%)
2010
2011
Month-on-Month
-0.5 0.4
1.2
0.7
0.4
0.0
0.0
0.2
0.5
0.7
Year-on-Year
3.0
3.0
3.4
3.9
4.1
3.8
3.9
4.2
4.5
4.7
3.8
3.6
4.2
2.1
2.6
3.0
3.0
3.2
3.5
3.6
3.5
3.3
3.2
3.5
1.9
2.1
2.4
2.5
2.7
2.8
2.8
2.8
2.6
2.6
2.8
4.1
4.6
4.7
4.1
4.0
4.5
4.9
5.2
3.8
3.6
4.5
The prices of most agricultural, livestock & fishery products fell as supply chains stabilized,
but those of rice, chili powder and a few others continued to rise due to a smaller harvest.
Prices of agricultural, livestock & fishery products in November (m-o-m, %)
Chinese cabbage (-37.7), tomato (-27.0), radish (-26.1), pork (-2.9), rice (2.8), green chili (10.5), chestnut (24.6),
cucumber (30.8), squash (33.9)
Oil product prices fell slightly (down 0.1%, m-o-m) as a result of the weaker won, but
processed food and textile prices rose, thus accelerating the overall upward trend in the
prices of industrial products (up 0.7%, m-o-m).
Rents continued to rise (up 0.5%, m-o-m) due to strong demand for rental housing. The price
moderations in personal services persisted (down 0.1%, m-o-m), influenced in part by
cheaper school lunches.
Month-on-Month (%)
Contribution (%p)
Total
Agricultural,
livestock & fishery
products
0.1
-1.5
0.7
-0.1
0.1
-0.12
0.21
-0.01
Industrial
products
Oil
products
Housing
rents
Public
utility
Personal
services
0.5
-0.2
-0.1
0.04
-0.03
-0.03
Year-on-Year (%)
4.2
3.4
6.4
16.0
5.1
-1.2
3.7
Contribution (%p)
4.17
0.27
2.02
0.85
0.47
-0.17
1.18
32
December 2011
11-1 Prices
Source: Statistics Korea (consumer prices, core inflation) & The Bank of Korea (producer prices)
Economic Bulletin
33
Dubai crude
2008
2009
2010
Annual
Annual
Annual
May
Jun
Jul
2011
Aug
Sep
Oct
Nov
94.3
61.9
78.1
108.0
107.5
110.2
105.0
105.7
103.5
107.9
Brent crude
97.5
61.7
79.7
114.3
114.0
116.8
110.0
111.5
109.1
110.5
WTI crude
99.9
61.9
79.5
101.3
96.3
97.3
86.3
85.6
86.5
86.5
Domestic oil prices inched up, reflecting price increases in international oil. Diesel prices
extended the gains, particularly due to higher demand for heating fuel.
(Won/liter, period average)
2008
2009
2010
2011
Annual
Annual
Annual
May
Jun
Jul
Aug
Sep
Oct
Nov
Gasoline prices
1,692
1,601
1,710
1,938
1,915
1,935
1,946
1,945
1,978
1,981
Diesel prices
1,614
1,397
1,503
1,773
1,736
1,754
1,758
1,746
1,772
1,788
International grain prices continued to fall amid lingering uncertainties in the global
economy and expectations for increased grain production with a bumper harvest in Russia.
World grain production outlook for 2011~12 (USDA, Oct)
2.28 billion tons (up 2 million tons, m-o-m)
Reuters index*
(Period average)
2008
2009
2010
Annual
Annual
Annual
May
Jun
Jul
Aug
Sep
Oct
Nov
2,536
2,079
2,553
3,128
3,143
3,145
3,038
2,978
2,781
2,770
34
December 2011
2011
Economic Bulletin
35
2008
2009
2010
Annual
Annual
Annual
Nationwide
2.3
1.6
2.5
3.1
2.9
0.6
0.7
0.7
0.5
0.6
0.09
0.07
0.06
Seoul
3.2
2.6
-2.2
0.6
-0.2
-0.2
-0.1
-0.1
-0.1
-0.2
-0.04 -0.03
-0.04
-0.05
Gangnam2
-1.9
3.9
-1.8
0.8
-0.3
-0.2
-0.1
-0.1
-0.2
-0.3
-0.05 -0.05
-0.06
-0.07
Gangbuk3
9.4
0.9
-2.7
0.4
-0.1
-0.1
-0.1
-0.1
0.0
-0.1
-0.03 -0.01
-0.02
-0.03
2.9
0.7
-2.9
0.8
0.0
-0.1
0.0
0.0
0.0
-0.1
-0.02 -0.02
-0.03
-0.04
5 metropolitan cities
1.0
2.8
8.7
5.6
6.3
1.4
1.4
1.4
1.0
1.2
0.30
0.14
0.13
1. Weekly trends
2011
Q1
Q2
3. Northern Seoul
Jul
Aug
Sep
Oct
Nov
0.13
0.16
Nationwide apartment rental price increases slowed down for the second straight month in
November (up 0.7%, m-o-m). Price increases decelerated sharply in Seoul (up 0.3%, m-o-m),
the Seoul metropolitan area (up 0.2%, m-o-m) and Gyeonggi Province (up 0.0%, m-o-m).
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (-0.1), Seocho (0.1), Songpa (0.0), Gangdong (-0.1)
Nationwide
Seoul
Gangnam2
Gangbuk
2008
2009
2010
2011
Annual
Annual
Annual
Q1
Q2
Jul
Aug
Sep
Oct
Nov
0.8
4.5
8.8
5.5
3.6
1.0
1.5
1.8
1.1
0.7
0.13
0.10
0.05
0.03
-1.8
8.1
7.4
5.1
1.5
1.1
1.7
2.2
1.0
0.3
0.06
0.03
-0.01
-0.04
-3.6
10.4
8.8
4.6
1.5
1.2
1.7
2.1
0.9
0.1
0.01
0.00
-0.04
-0.05
0.5
5.4
5.6
5.7
1.4
1.0
1.8
2.3
1.2
0.5
0.11
0.06
-0.04
-0.05
-0.4
5.6
7.2
5.6
2.2
0.9
1.6
2.0
1.1
0.2
0.00
-0.01
-0.05
-0.05
1.6
3.9
12.0
5.8
5.5
1.0
1.3
1.4
1.1
1.3
0.28
0.19
0.12
0.08
3. Northern Seoul
Apartment sales transactions in October increased 12.4 percent from the previous months
43,118 to 48,444. The transactions were up 17.2 percent from 41,342 a year earlier.
2010
2011
Annual Annual Annual Annual Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Nationwide
38
39
44
40
36
December 2011
34
41
54
63
45
52
59
56
48
47
44
43
48
Economic Bulletin
37
0.10 (Jul)
0.10 (Aug)
0.09 (Sep)
0.08 (Oct)
Land prices in areas excluding the Seoul metropolitan area rose 0.12 percent month-onmonth in October, continuing the upward trend since October 2010.
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.09 (Jun, 2011)
0.10 (Jul)
0.09 (Aug)
0.11 (Sep)
0.12 (Oct)
2007 2008
2009
2010
Annual
Q3
2011
Q4
Jan
Feb Mar
Apr
May Jun
Jul
Aug
Sep
Oct
Nationwide
3.88
-0.31 0.96
0.10
0.10
0.10
0.09
0.09
0.10
Seoul
5.88
-1.00 1.40
0.09
0.07
0.07
0.05
0.05
0.04
Gyeonggi
4.22
-0.26 1.22
0.12
0.14
0.15
0.15
0.13
0.13
Incheon
4.86
1.37 1.99
0.06
0.06
0.05
0.06
0.05
0.05
Nationwide land transactions in October recorded 200,000 land lots, up 10.5 percent from
the previous month and up 10.3 percent from 181,000 a year earlier. Land transactions were
4.6 percent less than the most recent five-year October average of 210,000 land lots.
Monthly land transactions increased significantly in areas such as Busan (up 19.7%), Gwangju
(up 29.5%), North Jeolla Province (up 31.6%), and South Jeolla Province (up 27.2%).
2007 2008
2009
2010
2011
Oct
208
208
203
207
241
187
208
257
191
176
244
226
212
207
196
196
181
200
Seoul
33
26
22
19
21
16
18
24
18
17
23
19
18
18
15
17
16
18
Gyeonggi
49
45
46
48
58
41
45
58
46
38
52
46
43
40
40
39
39
41
Incheon
13
13
10
11
12
11
13
11
13
10
11
1. Monthly average
Source: Korea Land & Housing Corporation
38
December 2011
Economic Bulletin
39
The year-on-year leading composite index fell 0.4 percentage points from the previous month.
Among the components of the leading composite index, two, including the value of construction
orders received, were higher compared to the previous month, while eight components, such as
the composite stock price index and value of capital goods imports, dropped.
Components of the leading composite index in October (m-o-m)
Value of construction orders received (4.6%), liquidity in the financial institutions (0.2%), spreads between
long & short term interest rates (-0.1%p), consumer expectations index (-0.6p), value of machinery orders
received (-1.0%), indicator of inventory cycle (-1.3%p), net terms of trade (-1.6%), ratio of job openings to job
seekers (-2.3%p), value of capital goods imports (-2.7%), composite stock price index (-5.1%)
2011
Mar
Apr
May
Jun
Jul1
Aug1
Sep1
Oct1
2.8
-1.3
1.7
1.7
-1.6
-0.2
-0.1
0.3
(y-o-y, %)
3.4
3.2
4.4
4.0
3.1
4.3
4.9
4.8
0.4
-0.3
0.8
0.8
0.7
0.4
-0.4
0.1
100.6
99.9
100.2
100.6
100.9
100.9
100.1
99.8
40
December 2011
0.0
-0.7
0.3
0.4
0.3
0.0
-0.8
-0.3
-0.3
-0.4
0.5
0.5
0.5
0.1
-0.4
-0.2
1.6
1.0
1.3
1.7
2.0
1.9
1.4
1.0
-0.7
-0.6
0.3
0.4
0.3
-0.1
-0.5
-0.4
Economic Bulletin
41
Policy Issues
2012 Economic Policies Aim at Stronger Economy
and Improved Living Quality
42
December 2011
and improve the fundamentals of the household, corporate, finance, foreign exchange and
public sectors. To stimulate the economy, the government will create an investment-friendly
environment, while fostering service industries, SMEs (small- and medium-sized enterprises)
and self-employed businesses, which is expected to help boost domestic demand. With the
countrys trade having hit US$1 trillion, small- to medium-sized exporters will be more
encouraged to raise their competitiveness, develop new markets and maximize the benefits
of the FTAs. Government efforts for sustainable growth such as pursuing green growth and
supporting childcare will be intensified, with social capital such as sharing and social
responsibility promoted.
As working classes are easily affected by changing economic situations, the government will
make an utmost effort to secure their livelihood through low inflation and job creation.
Governments efforts to achieve this end will include securing supplies and promoting
competition for stable prices, increasing youth employment and creating an employmentfriendly environment, reducing the costs of education, housing, and medical services, and
providing customized welfare services designed to encourage working and self-supporting,
streamlining welfare delivery systems, and minimizing those left out of welfare programs.
Economic Bulletin
43
for self-employed and small businesses when they develop joint brands with education and
consulting services. The framework act on service industry development will be enacted, on
the basis of which the service sector will be able to become more sophisticated.
The government will help to fully utilize FTAs and seek to pass more FTAs so that Koreas
economic capabilities can continue to expand, as it will continue trying to complete the
ongoing FTA negotiations with Turkey and Columbia, and provide information regarding the
FTAs in effect and related consulting services. To diversify exports to emerging economies,
the government will help with overseas marketing activities and reducing risks in those
countries. There will be government support for building marketing infrastructure in
emerging economies, in particular opening joint logistics centers, while exporters will face
reduced risks with raised insurance payment ceilings, which will be applied to trades with
African and Latin American countries.
The 2012 policies include measures to help create an environment where green growth
related industries will continuously be nurtured, and the measures include promoting the
use of new renewable energies and exports of them. With the Renewable Portfolio Standard
(RPS) and the Renewable Fuel Standard (RFS) to be introduced in 2012, energy companies
will have to plan in detail their use of new renewable energies, along with meeting the bio
diesel requirement. The government will financially support the exports of green growthrelated industries, and there will be financing of such exports through the Economic
Development Cooperation Fund (EDCF). To foster new growth engines, over 50 percent of
the R&D budget will be invested in basic science researches and core technology
development.
Future risks such as of the low birth rate, of the ageing population and depleting resources
should be addressed in advance. The government will provide daycare for children aged five
or under, while key measures for the ageing population, such as tax revision of pension and
retirement allowance, will be adopted as planned.
There will be an emphasis on shared growth between large enterprises and SMEs, while
unfair trade among subsidiaries of large enterprises will be strictly treated. Sharing and
social responsibility will also be stressed so that trust can grow with increasing
consideration for others, resulting in a healthier economy and warm society. There will be
closer public and private partnership in volunteering, while a variety of means of donation
will be invented to help make donation placed firmly in the society. The financial sector will
be obliged to more transparently manage its businesses, and increase social contribution.
2. Improving living quality
To secure basic livelihood, the government will renew its efforts to stabilize basic necessities
prices through steady supply and fair competition, while helping to expand youth
employment and reduce living costs with stronger social safety nets.
44
December 2011
The government will stabilize the supply of agricultural products by improving the
production forecasting system, expanding contract framing, and increasing inventory. To
make the effect of lowered tariffs form the Korea-EU and Korea-US FTAs reflected early in
prices, the government will examine the distribution system of the affected products and
improve it.
Public service fee increases will be controlled, while other service fees will be required to be
posted, which is expected to expand choices as well as stabilize prices. Public firms will be
obliged to cut cost as a way to minimize their service fee increases, and the timing of the
increases will be carefully planned. There will be a cut in public administrative service fees
and the new mobile phone service charge plan is expected to lower household
communications charges. Consumers will be provided with accurate dining out costs as
restaurants will be required to post total charges in and outside restaurants.
The government will more strictly treat unfair practices including price-fixing, while making
available online regularly updated consumer price information. To boost real estate
transactions, the three districts in Southern Seoul, once designated as overheated
speculation zones, will be delisted from the zones, and high progressive taxes on home
transactions by those owning more than two houses will be lifted.
The government put a high priority on improving youth employment, and will facilitate
starting business by youths and encourage employment of high school graduates. The
related government measures include business startup funds exclusive for young
entrepreneurs with adjustable repayment plans and more internship and employment
opportunities in public firms and government agencies for high school graduates. The
government will try hard to root out discrimination against high school graduates in work
places, such as less chances of promotion, and high school graduate employees will be
financially supported when they go to college.
There will be an increase in the job creation budget to give vulnerable groups more job
opportunities and adopt an employment-friendly system. The government will extend
community job programs, while expanding jobs in social security service areas. Measures to
facilitate senior, baby boomer and woman employment involve retraining programs,
governments job creation projects for seniors and improved substitute programs for
maternity leave. The industrial accident compensation insurance will be made to cover more
workers, while irregular workers will be under better protection. The government will
increase support for companies maintaining employment. To increase job market flexibility,
public institutions will have to adopt performance-based salary and flexible work hours,
while employing more part-timers and shift workers.
To ease the burden of education, housing and medical service costs, there will be increased
support of college tuition, middle school fees and after-school vouchers, more income tax
deduction for housing expenses and expanded supply of rental homes, long-term mortgage
Economic Bulletin
45
loans with low interest rates and special financial support for first-time home buyers, and
customized national health insurance payment to each income bracket, free compulsory
vaccination for children, expanded long-term care for seniors with Alzheimers or paralysis
and special medical expense support during pregnancy.
The welfare system will be redirected toward encouraging working. To encourage low
income groups to work, the coverage of the Earned Income Tax Credit (EITC) will be
expanded to the level next to the currently eligible level, with increased tax credits. Those
with work capabilities will be encouraged to work instead of receiving basic livelihood
security subsidies, with increased compensation after being delisted from the basic
livelihood support recipients. More people will be eligible for the preferential savings
account, which is designed to help low income families accumulate assets with favorable
conditions and governments financial support. Self-employed small businesses and low
income households will be covered by the national social security insurance plan, which will
reduce the number of those left out of social security insurance.
To minimize the number of those in need of social security being left out of it, the
government will revise the social security insurance delivery system in a way to effectively
reflect recipients needs, while merging and rearranging similar social security insurances.
The government will review existing welfare policies in consideration of demographic
changes such as a sudden increase of homes with one or two persons.
46
December 2011
Economic
News Briefing
Economic Bulletin
47
20111
Q2
Q3
Q4
Q1
Q2
Q3
1.4 (7.5)
0.6 (4.4)
0.5 (4.7)
1.3 (4.2)
0.9 (3.4)
0.8 (3.5)
-3.1
-2.5
-2.5
0.2
-4.5
8.3
-6.1 (-2.7)
Manufacturing
4.2
4.0
2.3
0.1
3.1
1.4
1.4 (6.1)
Construction
1.4
-0.1
-1.2
-3.2
-6.1
2.6
3.5 (-3.3)
Services
1.5
0.2
0.3
1.1
1.2
0.0
0.3 (2.6)
Private consumption
0.5
0.7
1.4
0.3
0.4
0.9
0.4 (2.0)
Government consumption
3.6
0.3
-0.1
-0.4
1.7
0.8
1.4 (3.4)
Facility investment
2.8
7.9
5.6
-1.0
-1.1
3.9
-0.8 (1.0)
Construction investment
2.0
-4.2
-0.8
1.0
-6.7
1.6
1.8 (-4.6)
Goods exports
3.0
7.4
2.5
3.0
4.6
0.9
1.6 (10.5)
Goods imports
4.8
7.1
3.6
-0.7
3.1
3.8
1.5 (7.9)
3.2
2.6
0.7
1.9
2.0
0.3
1.0 (5.3)
1.2
1.3
0.4
0.0
-0.1
0.2
0.8 (0.8)
Q1
2.1 (8.5)
GDP
Agriculture, forestry and fishery
Meanwhile, the Organization for Economic Cooperation and Development (OECD) predicted
that the Korean economy is likely to grow 3.8 percent next year, up from this years forecast
of 3.7 percent. According to the OECDs latest economic outlook report published on
November 28, the Korean economy is projected to pick up as world trade rebounds in 2012,
with exports boosted by strong demand from China and by the relatively weak won.
48
December 2011
1974
1988
2005
2011
Economic
Trade exceeds
Trade exceeds
Trade exceeds
Trade exceeds
Trade exceeds
Development
US$1 billion
US$10 billion
US$100 billion
US$500 billion
US$1 trillion
1.32
11.31
112.51
545.66
1962
Year
st
1 Five-Year
Event
Plan
Trade volume
(US$ billion)
0.48
Economic Bulletin
49
50
December 2011
(trillion won, %)
2010
Budget September
(a)
(b)
y-o-y
change
2011
b/a
(%)
Budget September
(c)
(d)
d/c
(%)
d-b
262.3
209.3
79.8
284.8
228.5
80.2
19.2
264.3
202.2
76.5
279.5
211.7
75.7
9.5
-2.0
7.0
5.3
16.8
9.8
28.1
23.5
30.3
25.1
-1.5
-30.1
-16.5
-25.0
-8.3
8.2
* Include national pension funds, private school teachers funds, accident insurance funds and employment insurance funds
Economic Bulletin
51
52
December 2011
Statistical
Appendices
Tables & Figures
1. National accounts
2. Production, shipment and inventory
3. Production capacity and operation ratio
4. Consumer goods sales index
5. Consumer goods shipment index and consumer sentiment index
6. Machinery orders received, domestic machinery shipment,
and estimated facility investment index
7. Value of construction completion and domestic construction orders received
8. Composite indices of business cycle indicators and BSI
9. Balance of payments (I)
10. Balance of payments (II)
11. Prices
12. Employment
13. Financial indicators
14. Monetary indicators
15. Exchange rates
Economic Bulletin
53
1. National accounts
(year-on-year change, %, chained 2005 year prices)
Real GDP
Period
2003
2004
2005
2006
2007
2008
2009
2010P
Final
consumption
expenditure
Agri., fores.
& fisheries
Manufacturing
2.8
4.6
4.0
5.2
5.1
2.3
0.3
6.2
-5.4
9.1
1.3
1.5
4.0
5.6
3.2
-4.3
5.4
10.0
6.2
8.1
7.2
2.8
-1.5
14.6
0.5
1.0
4.6
5.1
5.1
2.0
1.2
3.9
Construction
Facilities
4.4
2.1
1.9
3.4
4.2
-1.9
-1.0
7.0
8.5
1.3
-0.4
0.5
1.4
-2.8
3.4
-1.4
-1.5
3.8
5.3
8.2
9.3
-1.0
-9.8
25.0
2003
I
II
III
IV
3.5
1.8
2.0
3.9
0.7
-1.6
-9.6
-8.0
5.4
3.1
4.3
8.5
2.0
0.3
0.0
-0.4
5.1
4.7
2.8
5.0
8.2
8.4
8.3
9.0
2.9
-0.7
-5.8
-2.2
2004
I
II
III
IV
5.2
5.9
4.8
2.7
8.2
7.6
8.3
11.6
10.9
12.9
10.4
6.2
-0.1
1.3
1.0
1.8
2.3
4.9
3.1
-1.4
5.3
4.2
1.2
-3.5
-0.6
6.4
7.7
1.8
2005
I
II
III
IV
2.7
3.4
4.5
5.1
0.4
4.8
3.8
-3.1
4.8
3.9
6.7
9.3
2.7
4.7
5.9
4.9
-0.3
1.8
1.5
3.9
-3.1
0.9
-0.3
0.3
3.4
2.8
4.1
10.8
2006
I
II
III
IV
6.1
5.1
5.0
4.6
3.9
-0.3
-1.4
4.2
9.4
9.1
8.7
5.4
5.8
4.9
4.6
5.1
3.8
0.1
4.0
5.7
1.9
-4.2
-0.5
5.1
7.2
8.0
12.0
5.7
2007
I
II
III
IV
4.5
5.3
4.9
5.7
1.6
7.0
8.2
-0.7
4.5
7.2
6.3
10.2
5.1
5.4
5.3
4.7
7.3
5.7
1.5
3.1
4.4
2.0
-0.2
0.4
12.6
13.0
4.0
8.0
2008
I
II
III
IV
5.5
4.4
3.3
-3.3
7.8
4.6
4.3
6.5
8.9
8.3
5.3
-9.4
4.3
3.0
2.4
-1.7
-0.6
0.6
2.1
-8.7
-2.5
-0.5
0.4
-7.7
2.8
2.0
5.3
-13.3
2009
I
II
III
IV
-4.2
-2.1
1.0
6.3
2.5
0.0
5.0
5.0
-13.6
-7.1
1.8
13.1
-2.2
0.7
1.5
4.8
-7.5
-3.0
-1.0
6.2
1.6
4.3
3.2
4.0
-21.9
-18.1
-9.4
12.2
2010P
I
II
III
IV
8.5
7.5
4.4
4.7
0.9
-2.2
-7.3
-6.7
22.2
17.8
9.8
11.1
5.9
3.4
3.4
3.0
12.5
6.8
6.8
3.4
4.3
-2.3
-3.1
-2.9
29.1
30.5
26.6
15.9
2011P
I
II
III
4.2
3.4
3.5
-8.6
1.0
-2.7
9.8
7.2
6.1
2.5
2.8
2.3
-2.2
-1.1
-2.0
-11.9
-6.8
-4.6
11.7
7.5
1.0
P: Preliminary
Source: The Bank of Korea
54
December 2011
Economic Bulletin
55
2. Production, shipment and inventory See graphs 6-1, 6-3, 7-1, 7-2 & 7-3
(constant prices, 2005 = 100)
Period
2009
2010
Production
index
Y-o-Y
change (%)
Shipment
index
Y-o-Y
change (%)
Inventory
index
Y-o-Y
change (%)
Service
production
index
Y-o-Y
change (%)
119.7
139.1
-0.1
16.2
116.7
133.5
-1.4
14.4
115.5
135.6
-7.8
17.4
118.3
122.9
1.8
3.9
2009
I
II
III
IV
103.5
118.7
125.3
131.2
-15.1
-5.4
4.9
16.8
102.6
116.6
120.7
126.9
-14.4
-5.2
2.3
12.9
115.9
110.4
113.0
115.5
-6.2
-17.0
-14.3
-7.8
112.9
118.0
118.9
123.4
-1.1
1.1
2.4
4.8
2010
I
II
III
IV
129.8
141.0
139.0
146.6
25.4
18.8
10.9
11.7
124.0
135.1
132.7
142.0
20.9
15.9
9.9
11.9
124.6
127.7
134.6
135.6
7.5
17.5
19.1
17.4
119.9
122.9
121.6
127.3
6.2
4.2
2.3
3.2
2011
I
II
III
143.6
151.2
146.1
10.6
7.2
5.1
138.7
144.8
139.3
11.9
7.2
5.0
137.4
142.7
149.1
10.3
10.0
10.8
123.1
127.0
126.7
2.7
3.3
4.2
2009
1
2
3
4
5
6
7
8
9
10
11
12
94.4
100.7
115.3
117.2
116.1
122.7
124.6
117.8
133.4
128.1
130.7
134.8
-25.3
-9.4
-10.1
-7.4
-8.2
-0.6
1.0
1.4
12.1
1.2
18.5
34.8
93.7
100.3
113.8
115.6
113.8
120.5
120.1
113.6
128.3
124.0
126.6
130.1
-23.1
-8.7
-10.7
-7.4
-7.9
0.0
-1.2
-1.0
9.1
-0.2
15.3
26.2
123.9
117.7
115.9
112.3
111.5
110.4
111.5
112.0
113.0
112.4
113.6
115.5
0.1
-5.2
-6.2
-9.8
-13.3
-17.0
-15.7
-15.1
-14.3
-16.4
-14.6
-7.8
112.1
109.9
116.7
117.1
117.6
119.2
117.9
117.0
121.8
119.3
119.3
131.6
-1.6
0.0
-1.4
0.9
-0.2
2.6
1.2
1.6
4.5
2.3
4.2
7.7
2010
1
2
3
4
5
6
7
8
9
10
11
12
129.3
119.1
141.1
140.0
140.0
142.9
143.1
136.5
137.3
145.3
145.3
149.2
37.0
18.3
22.4
19.5
20.6
16.5
14.8
15.9
2.9
13.4
11.2
10.7
123.1
113.6
135.2
134.7
133.4
137.3
135.7
131.0
131.4
140.8
141.4
143.9
31.4
13.3
18.8
16.5
17.2
13.9
13.0
15.3
2.4
13.5
11.7
10.6
119.8
123.3
124.6
126.3
129.9
129.7
134.1
134.5
134.6
133.5
132.8
135.6
-3.3
4.8
7.5
12.5
16.5
17.5
20.3
20.1
19.1
18.8
16.9
17.4
118.5
116.7
124.4
121.5
123.3
124.0
122.4
120.9
121.6
123.2
123.8
134.9
5.7
6.2
6.6
3.8
4.8
4.0
3.8
3.3
-0.2
3.3
3.8
2.5
2011
1
2
3
4
5
6
7
8
9P
10P
146.9
129.8
154.0
149.7
151.5
152.3
148.7
142.9
146.8
154.3
13.6
9.0
9.1
6.9
8.2
6.6
3.9
4.7
6.9
6.2
141.4
125.2
149.6
144.6
144.4
145.4
135.9
136.5
141.3
146.5
14.9
10.2
10.7
7.3
8.2
5.9
3.1
4.2
7.5
4.0
135.4
137.1
137.4
137.3
140.2
142.7
147.2
150.4
149.1
153.3
13.0
11.2
10.3
8.7
7.9
10.0
9.8
11.8
10.8
14.8
124.1
116.9
128.2
125.2
127.4
128.4
127.0
126.8
126.2
127.5
4.7
0.2
3.1
3.0
3.3
3.5
3.8
4.9
3.8
3.5
P: Preliminary
Source: Statistics Korea
56
December 2011
Period
Y-o-Y
change (%)
Operation
ratio index
(2005=100)
Y-o-Y
change (%)
Average
operation
ratio (%)
119.3
127.9
3.5
7.2
93.8
102.1
-3.5
8.8
74.4
81.2
Production
capacity index
(2005=100)
2009
2010
2009
I
II
III
IV
117.0
118.0
120.1
122.2
2.8
2.5
3.5
5.0
81.7
95.3
97.8
100.3
-17.7
-7.6
2.4
10.1
67.0
74.3
77.8
78.4
2010
I
II
III
IV
124.3
126.5
129.5
131.3
6.2
7.2
7.8
7.4
97.4
105.6
99.6
105.6
19.2
10.8
1.8
5.3
80.4
82.3
81.2
80.8
2011
I
II
III
132.7
133.8
134.6
6.8
5.8
3.9
99.9
105.3
99.5
2.6
-0.3
-0.1
83.1
81.4
81.3
2009 1
2
3
4
5
6
7
8
9
10
11
12
116.9
116.9
117.1
117.7
117.7
118.5
119.3
119.8
121.1
121.6
121.9
123.1
2.7
2.7
2.8
3.0
2.0
2.4
3.1
3.3
4.2
4.6
4.8
5.5
73.7
79.8
91.6
94.1
93.3
98.4
98.8
91.0
103.6
99.1
100.5
101.2
-28.6
-10.8
-12.8
-10.1
-9.7
-2.8
-1.0
-1.3
9.6
-4.8
12.4
27.0
63.7
67.3
70.0
72.5
73.7
76.6
77.7
76.4
79.3
77.8
78.0
79.3
2010 1
2
3
4
5
6
7
8
9
10
11
12
123.6
123.9
125.3
125.5
126.5
127.4
128.6
129.7
130.1
130.8
131.1
132.1
5.7
6.0
7.0
6.6
7.5
7.5
7.8
8.3
7.4
7.6
7.5
7.3
97.1
88.4
106.7
106.1
103.8
107.0
105.3
96.2
97.2
106.6
105.4
104.9
31.8
10.8
16.5
12.8
11.3
8.7
6.6
5.7
-6.2
7.6
4.9
3.6
79.3
80.5
81.5
81.7
82.1
83.1
82.7
79.7
81.2
79.7
80.5
82.2
2011 1
2
3
4
5
6
7
8
9P
10P
132.2
132.5
133.4
133.8
133.7
133.9
134.2
134.4
135.1
136.0
7.0
6.9
6.5
6.6
5.7
5.1
4.4
3.6
3.8
4.0
102.5
89.5
107.8
104.6
104.7
106.6
102.8
96.9
99.0
104.3
5.6
1.2
1.0
-1.4
0.9
-0.4
-2.4
0.7
1.9
-2.2
84.8
82.2
82.4
80.4
81.3
82.5
82.1
80.4
81.3
79.5
P: Preliminary
Source: Statistics Korea
Economic Bulletin
57
4. Consumer goods sales index See graphs 2-2, 2-3, 2-4 & 2-5
(constant prices, 2005 = 100)
Period
2009
2010
Consumer
goods
sales
index
Y-o-Y
change (%)
Durable
goods
Y-o-Y
change (%)
Semi-durable
goods
Y-o-Y
change (%)
Non-durable
goods
Y-o-Y
change (%)
113.6
121.1
2.7
6.6
136.8
157.2
8.2
14.9
106.3
113.5
1.3
6.8
111.3
113.7
1.2
2.2
2009
I
II
III
IV
106.5
113.4
111.9
122.4
-4.5
1.5
2.8
10.9
114.7
142.0
135.5
155.1
-11.7
5.9
7.7
34.1
103.1
107.7
94.3
120.2
-0.5
0.5
0.3
4.5
107.7
109.2
114.3
113.9
-1.4
0.4
1.8
4.0
2010
I
II
III
IV
116.8
118.9
120.3
128.6
9.7
4.9
7.5
5.1
148.7
149.9
158.5
171.6
29.6
5.6
17.0
10.6
105.7
114.4
100.5
133.6
2.5
6.2
6.6
11.1
111.1
112.8
117.7
113.1
3.2
3.3
3.0
-0.7
2011
I
II
III
122.7
125.7
125.6
5.1
5.7
4.4
167.9
176.2
175.0
12.9
17.5
10.4
112.2
120.8
104.5
6.1
5.6
4.0
112.0
112.4
120.1
0.8
-0.4
2.0
2009 1
2
3
4
5
6
7
8
9
10
11
12
108.5
101.2
109.7
108.6
117.0
114.6
110.8
106.7
118.2
120.6
119.6
127.1
-2.9
-5.7
-4.9
-4.2
1.7
7.6
1.1
0.5
6.8
9.9
9.8
12.8
104.1
116.0
124.0
123.9
144.0
158.0
138.2
122.5
145.9
144.8
153.5
167.1
-18.9
-1.5
-13.6
-10.9
5.9
24.3
-1.8
0.8
26.6
16.9
41.0
46.1
103.6
97.1
108.5
109.3
113.3
100.4
95.4
86.5
101.1
116.1
121.8
122.6
-0.8
-0.7
0.0
0.7
1.1
-0.5
-2.3
0.3
3.1
4.0
1.2
8.4
114.8
99.2
109.2
106.8
113.1
107.6
110.8
112.9
119.3
116.6
109.2
116.0
5.5
-8.5
-1.2
-2.5
0.7
3.0
4.4
0.8
0.4
9.4
1.4
1.5
2010
1
2
3
4
5
6
7
8
9
10
11
12
115.8
114.2
120.3
116.5
121.2
118.9
120.7
116.7
123.5
125.5
127.8
132.6
6.7
12.8
9.7
7.3
3.6
3.8
8.9
9.4
4.5
4.1
6.9
4.3
145.5
141.3
159.2
144.6
147.0
158.1
164.0
154.4
157.0
165.2
172.1
177.4
39.8
21.8
28.4
16.7
2.1
0.1
18.7
26.0
7.6
14.1
12.1
6.2
108.4
99.6
109.1
113.1
120.7
109.3
103.5
90.2
107.7
130.0
133.4
137.3
4.6
2.6
0.6
3.5
6.5
8.9
8.5
4.3
6.5
12.0
9.5
12.0
108.7
112.1
112.6
110.4
116.0
112.1
115.1
116.4
121.6
111.1
111.9
116.2
-5.3
13.0
3.1
3.4
2.6
4.2
3.9
3.1
1.9
-4.7
2.5
0.2
2011
1
2
3
4
5
6
7
8
9P
10P
128.1
113.3
126.6
122.4
128.8
125.8
127.1
122.8
126.9
128.3
10.6
-0.8
5.2
5.1
6.3
5.8
5.3
5.2
2.8
2.2
165.9
154.2
183.5
167.4
176.4
184.9
184.6
173.3
167.2
170.0
14.0
9.1
15.3
15.8
20.0
17.0
12.6
12.2
6.5
2.9
120.4
101.6
114.6
121.5
127.0
114.0
107.5
93.6
112.4
134.6
11.1
2.0
5.0
7.4
5.2
4.3
3.9
3.8
4.4
3.5
118.9
104.3
112.7
108.7
116.3
112.2
117.6
119.4
122.9
114.5
9.4
-7.0
0.1
-1.5
0.3
0.1
2.2
2.6
1.1
3.1
P: Preliminary
Source: Statistics Korea
58
December 2011
Period
2009
2010
Domestic consumer
goods shipment index
(2005=100)
Y-o-Y
change (%)
Durable
goods
Y-o-Y
change (%)
Non-durable
goods
Y-o-Y
change (%)
Consumer
sentiment index
116.4
122.0
1.4
4.8
135.1
139.6
6.5
3.3
108.9
115.0
-0.9
5.6
2009
I
II
III
IV
107.7
114.8
119.9
123.3
-8.3
-0.8
5.4
10.2
113.4
139.9
139.4
147.8
-14.9
2.5
13.3
29.2
105.3
104.7
112.0
113.4
-5.2
-2.5
1.7
2.2
2010
I
II
III
IV
118.5
119.9
122.0
127.6
10.0
4.4
1.8
3.5
136.7
139.5
139.2
142.9
20.5
-0.3
-0.1
-3.3
111.2
112.1
115.1
121.6
5.6
7.1
2.8
7.2
2011
I
II
III
120.8
117.8
120.8
1.9
-1.8
-1.0
134.9
134.6
136.5
-1.3
-3.5
-1.9
115.2
111.0
114.5
3.6
-1.0
-0.5
2009 1
2
3
4
5
6
7
8
9
10
11
12
107.6
103.8
111.7
112.6
113.5
118.4
119.0
110.9
129.7
121.7
118.5
129.6
-14.2
-2.5
-7.4
-6.0
-1.9
6.0
1.0
-0.7
15.8
1.7
10.7
18.8
99.0
115.5
125.7
120.6
140.7
158.4
146.3
125.8
146.1
139.5
146.7
157.1
-25.3
-6.2
-12.8
-16.4
2.8
23.3
8.9
6.1
25.8
9.2
32.2
50.5
111.0
99.0
106.0
109.3
102.6
102.3
108.0
104.9
123.1
114.5
107.2
118.6
-9.4
-0.8
-4.6
-0.7
-4.3
-2.6
-2.8
-3.7
11.6
-1.8
1.7
6.8
84
85
84
98
105
106
109
114
114
117
113
113
2010 1
2
3
4
5
6
7
8
9
10
11
12
123.7
110.3
121.6
120.5
117.5
121.8
121.9
120.5
123.6
129.3
128.3
125.3
15.0
6.3
8.9
7.0
3.5
2.9
2.4
8.7
-4.7
6.2
8.3
-3.3
136.0
129.7
144.5
135.4
135.3
147.7
145.6
133.9
138.0
145.7
144.7
138.4
37.4
12.3
15.0
12.3
-3.8
-6.8
-0.5
6.4
-5.5
4.4
-1.4
-11.9
118.8
102.6
112.3
114.6
110.4
111.4
112.4
115.2
117.8
122.8
121.8
120.1
7.0
3.6
5.9
4.8
7.6
8.9
4.1
9.8
-4.3
7.2
13.6
1.3
113
111
110
110
111
112
112
110
109
108
110
109
2011 1
2
3
4
5
6
7
8
9P
10P
11
129.6
105.9
127.0
118.6
115.7
119.1
120.0
121.2
121.1
124.3
-
4.8
-4.0
4.4
-1.6
-1.5
-2.2
-1.6
0.6
-2.0
-3.9
-
133.0
125.6
146.1
133.1
131.4
139.4
141.9
132.3
135.4
132.2
-
-2.2
-3.2
1.1
-1.7
-2.9
-5.6
-2.5
-1.2
-1.9
-9.1
-
128.2
98.0
119.4
112.7
109.4
110.9
111.2
116.8
115.3
121.0-
7.9
-4.5
6.3
-1.7
-0.9
-0.4
-1.1
1.4
-2.1
-1.5
-
108
105
98
100
104
102
102
99
99
100
103
Economic Bulletin
59
2010
Estimated
facility investment
index
(2005=100)
Domestic
machinery
shipment
excluding ship
(2005=100)
Total
Public
Private
23,360
2,330
21,030
12,279
133.2
135.0
Manufacturing
2010
I
ll
III
IV
5,544
6,247
5,662
5,908
525
402
380
1,023
5,019
5,845
5,282
4,885
2,910
3,564
3,026
2,779
120.5
137.5
139.1
135.6
116.7
144.2
136.2
142.8
2011
I
ll
III
6,627
6,760
5,734
471
732
404
6,156
6,029
5,330
3,744
3,684
3,110
128.5
144.1
134.2
133.1
148.4
128.8
2010 7
8
9
10
11
12
2,092
1,710
1,860
1,719
1,770
2,418
105
106
169
101
102
820
1,987
1,604
1,691
1,618
1,668
1,599
1,068
897
1,061
964
981
834
139.1
140.8
137.5
130.8
134.7
141.2
138.6
132.8
137.1
134.8
136.7
156.9
2011 1
2
3
4
5
6
7
8
9P
10P
2,115
2,070
2,442
1,965
2,171
2,624
2,000
1,813
1,921
1,964
116
122
233
102
142
487
152
115
137
302
2,000
1,948
2,209
1,869
2,029
2,137
1,848
1,698
1,784
1,662
1,156
1,148
1,440
1,158
1,190
1,336
1,027
1,007
1,077
967
125.7
113.9
145.8
132.5
146.1
154.1
134.9
136.0
131.6
115.3
127.6
123.6
148.1
138.3
150.9
156.0
135.9
124.5
126.0
124.0
11.2
-37.9
21.8
32.3
25.1
22.5
I
ll
III
IV
10.3
24.7
-0.2
11.3
-43.7
-42.2
-71.7
31.4
22.6
35.5
22.0
7.8
45.6
58.5
27.4
4.5
30.0
29.5
29.3
13.6
18.1
25.7
27.4
18.4
2011
I
ll
III
19.5
8.2
1.3
-10.3
82.0
6.1
22.7
3.1
0.9
28.7
3.4
2.8
6.6
4.8
-3.5
14.1
2.9
-5.4
2010 7
8
9
10
11
12
-16.5
26.6
2.3
9.9
-9.2
34.9
-90.2
48.9
-15.5
20.8
-76.5
213.9
38.7
25.3
4.5
9.3
10.0
4.3
41.8
37.1
9.6
13.2
4.2
-3.7
31.5
41.2
17.1
21.6
13.1
7.4
28.1
36.9
18.8
25
19.5
12.4
2011
19.7
26.1
14.4
6.6
-0.8
18.5
-4.4
6.0
3.3
14.2
-31.5
14.0
-6.3
-19.6
23.4
205.2
44.9
8.0
-19.1
198.7
25.1
27.0
17.1
8.6
-2.2
4.0
-7.0
5.8
5.5
2.7
14.6
30.4
41.0
9.8
-10.5
13.2
-3.9
12.2
1.5
0.4
22.2
1.0
0.5
-0.3
10.3
4.7
-3.0
-3.4
-4.3
-11.9
17.8
20.4
6.5
-0.8
7.1
2.5
-1.9
-6.3
-8.2
-8.1
1
2
3
4
5
6
7
8
9P
10P
P: Preliminary
Source: Statistics Korea
60
December 2011
Period
Type of order
Private
Public
Private
35,163
52,777
88,675
29,013
54,628
Public
92,238
2010
Type of order
Domestic
construction
orders received
(total)
Value of
construction
completion
(total)
2010
I
ll
llI
lV
20,329
24,082
22,005
25,823
7,467
9,129
7,784
10,784
11,977
13,931
13,160
13,708
18,110
25,295
19,095
26,175
7,955
6,890
6,814
7,355
9,087
16,737
11,406
17,399
2011
I
ll
llI
19,067
23,898
21,411
7,288
9,304
7,836
10,857
13,195
12,464
15,796
24,473
19,259
4,053
6,067
6,396
10,743
16,821
12,176
2010
7
8
9
10
11
12
7,453
7,150
7,401
7,356
8,041
10,426
2,690
2,460
2,634
2,856
3,278
4,650
4,419
4,370
4,371
4,135
4,401
5,173
7,475
4,145
7,475
4,415
7,551
14,209
3,903
1,327
1,584
1,185
2,023
4,146
3,351
2,698
5,355
3,111
5,217
9,071
2011
1
2
3
4
5
6
7
8
9P
10P
6,157
5,277
7,634
7,053
7,435
9,410
6,793
6,908
7,791
8,036
2,415
2,047
2,827
2,721
2,189
3,765
2,441
2,524
2,886
2,955
3,476
2,991
4,391
3,981
4,226
4,989
4,044
4,051
4,421
4,707
4,658
4,959
7,179
6,459
6,753
11,260
4,892
7,269
7,098
6,902
1,295
1,396
1,362
1,413
1,861
2,793
1,735
1,505
3,156
2,296
2,697
2,445
5,601
4,452
4,428
7,941
3,042
5,503
3,631
4,446
-18.7
-43.7
2.8
2010
2.7
8.5
2010
I
ll
llI
lV
6.3
2.0
-0.4
3.3
13.8
5.5
-1.1
15.9
3.8
2.6
1.0
-4.8
-1.6
-6.7
-3.6
-40.2
-14.9
-61.9
-22.0
-52.1
8.0
105.4
13.2
34.4
2011
I
ll
llI
-6.2
-0.8
-2.7
-2.4
1.9
0.7
-9.4
-5.3
-5.3
-12.8
-3.3
0.9
-49.1
-11.9
-6.1
18.2
0.5
6.8
2010
7
8
9
10
11
12
6.7
6.5
-11.8
0.9
-0.5
8.2
14.0
1.4
-14.6
10.5
17.1
18.6
3.9
11.2
-9.8
-4.8
-9.4
-0.5
25.6
-12.5
-18.1
-58.8
-48.7
-22.5
23.5
-26.2
-58.0
-75.0
-61.4
-22.8
38.3
-5.0
11.4
-45.7
-41.2
-23.9
2011
1
2
3
4
5
6
7
8
9P
10P
-5.2
-14.1
-0.7
-4.1
-4.0
4.7
-8.8
-3.4
5.3
9.2
7.0
-11.1
-2.8
3.5
-0.8
2.9
-9.3
2.6
9.6
3.4
-12.5
-17.3
0.0
-10.7
-6.9
1.1
-8.5
-7.3
1.1
13.8
-33.9
-16.7
13.7
-2.7
-22.5
13.3
-34.6
75.4
-5.0
56.3
-46.3
-35.7
-59.6
-22.7
11.3
-17.6
-55.5
13.4
99.3
93.7
-36.9
9.5
117.0
-0.1
-33.4
41.1
-9.3
103.9
-32.2
42.9
P: Preliminary
Source: Statistics Korea
Economic Bulletin
61
Y-o-Y
change (%)
Coincident
index
(2005=100)
Cycle of
coincident
index
(2005=100)
BSI (results)
BSI (prospects)
109.1
110.0
110.4
111.0
111.2
112.0
112.8
113.6
114.2
115.2
116.1
116.7
5.4
5.8
5.8
5.9
5.7
6.1
6.4
6.7
6.7
7.1
7.5
7.4
110.9
111.3
111.9
112.4
113.0
113.8
114.6
115.3
115.6
116.4
117.2
118.3
101.4
101.4
101.4
101.5
101.6
101.9
102.2
102.4
102.2
102.5
102.7
103.2
85.6
87.5
109.4
105.8
104.1
100.2
95.8
94.4
101.5
108.3
106.0
98.9
96.5
93.4
112.3
107.7
110.9
105.6
99.3
102.5
111.8
116.3
112.4
103.4
2008 1
2
3
4
5
6
7
8
9
10
11
12
116.3
115.6
115.1
114.9
114.8
114.2
113.5
113.3
113.1
112.5
111.3
110.5
6.5
5.1
4.0
3.2
2.5
1.4
0.2
-0.4
-0.9
-1.7
-3.1
-3.9
119.3
119.6
119.9
119.9
120.0
119.8
119.8
120.0
120.3
120.3
118.8
116.1
103.7
103.5
103.4
102.9
102.6
102.0
101.5
101.3
101.1
100.6
99.0
96.4
95.2
95.6
101.1
101.7
98.1
79.1
80.8
83.1
76.8
64.6
53.7
52.4
103.0
94.8
102.1
98.1
104.7
95.3
83.2
80.8
98.3
84.9
63.7
55.0
2009 1
2
3
4
5
6
7
8
9
10
11
12
110.8
112.2
113.4
115.3
117.3
119.9
121.5
122.5
123.4
124.6
126.4
127.2
-3.6
-2.4
-1.3
0.5
2.6
5.4
7.2
8.4
9.4
10.4
11.7
12.0
114.1
114.1
115.3
117.1
118.1
120.4
121.7
122.7
123.5
124.4
125.2
125.8
94.3
93.9
94.5
95.5
96.0
97.4
98.0
98.4
98.7
98.9
99.2
99.2
58.1
62.4
89.0
93.7
100.9
96.6
98.5
96.0
110.5
107.5
103.8
104.8
52.0
66.0
76.1
86.7
103.8
100.2
98.7
99.8
117.0
116.5
109.0
105.9
2010 1
2
3
4
5
6
7
8
9
10
11
12
127.5
127.0
127.1
126.9
127.3
127.7
128.4
128.8
128.8
128.4
128.7
129.3
11.6
10.4
9.6
8.6
7.7
6.8
6.2
5.4
4.5
3.3
2.8
2.9
126.6
127.8
128.8
129.6
130.5
131.4
132.4
132.6
132.2
131.8
132.1
133.1
99.5
100.0
100.3
100.5
100.8
101.0
101.4
101.1
100.4
99.6
99.5
99.8
99.2
98.7
113.1
108.9
111.9
109.4
105.0
98.6
104.1
104.3
103.5
102.1
103.1
102.3
116.2
111.2
113.4
108.9
107.3
100.7
111.1
113.1
107.1
104.2
2011 1
2
3
4
5
6
7
8
9
10
11
12
130.1
129.8
129.4
129.0
129.5
130.2
130.8
130.9
130.6
130.1
-
3.0
2.4
1.6
1.1
1.3
1.7
2.0
1.9
1.4
1.0
-
135.1
135.3
135.8
135.5
136.6
137.7
138.6
139.2
138.7
138.8
-
100.8
100.6
100.5
99.9
100.3
100.6
100.9
100.9
100.1
99.8
-
99.1
92.2
107.8
98.4
98.9
99.6
96.2
86.8
96.4
95.0
93.0
-
101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
96.3
101.4
96.4
94.8
Period
Leading
index
(2005=100)
2007 1
2
3
4
5
6
7
8
9
10
11
12
62
December 2011
9. Balance of payments (I) See graphs 5-1, 5-2, 5-3, 10-1 & 10-2
(million US$)
Period
2009
2010P
Current
balance
Goods
trade
balance
Exports
32,790.5
28,213.6
37,866.0
41,904.0
Imports
Services
trade
balance
Income
trade
balance
Current
transfers
358,189.7
464,286.9
320,323.7
422,383.1
-6,640.5
-11,229.4
2,276.7
768.4
-711.7
-3.229.4
2009
I
II
III
IV
4,543.3
11,557.4
8,613.2
8,076.6
2,819.2
13,553.3
10,914.6
10,578.9
73,334.9
87,038.0
95,485.2
102,331.6
70,515.7
73,484.7
84,570.6
91,752.7
-26.0
-1,291.4
-2,663.3
-2,659.8
393.9
-151.1
948.6
1,085.3
1,356.2
-553.4
-586.7
-927.8
2010P
I
II
III
IV
263.3
8,857.9
9,931.1
9,161.3
4,785.4
12,240.4
12,542.3
12,335.9
101,354.5
117,585.0
118,257.3
127,090.1
96,569.1
105,344.7
105,715.1
114,754.2
-4,201.1
-1,873.1
-2,954.6
-2,200.6
546.5
-1,006.5
1,296.1
-67.6
-867.4
-502.9
-952.7
-906.4
2011P
I
II
III
2,610.3
5,492.2
6,896.0
5,842.7
7,661.0
7,197.7
127,691.2
142,722.8
141,393.5
121,848.5
135,061.8
134,195.8
-2,538.0
-796.0
-1,198.2
387.9
-824.8
1,314.9
-1,082.3
-548.0
-418.5
2009
1
2
3
4
5
6
7
8
9
10
11
12
-1,800.2
2,579.8
3,763.7
3,511.2
3,153.8
4,892.4
4,054.8
1,300.2
3,258.2
3,202.9
4,165.0
708.7
-2,441.3
1,766.2
3,494.3
4,255.5
3,822.6
5,475.2
5,021.2
1,920.5
3,972.9
3,546.1
4,851.1
2,181.7
21,910.3
24,179.6
27,245.0
28,832.5
27,228.8
30,976.7
32,688.5
29,001.4
33,795.3
33,474.6
34,055.5
34,801.5
24,351.6
22,413.4
23,750.7
24,577.0
23,406.2
25,501.5
27,667.3
27,080.9
29,822.4
29,928.5
29,204.4
32,619.8
-98.9
-64.1
137.0
-15.8
-555.6
-720.0
-1,241.2
-761.3
-660.8
-505.9
-643.6
-1,510.3
502.7
366.2
-475.0
-835.1
205.0
479.0
366.3
367.9
214.4
336.2
272.5
476.6
237.3
511.5
607.4
106.6
-318.2
-341.8
-91.5
-226.9
-268.3
-173.5
-315.0
-439.3
2010 P 1
2
3
4
5
6
7
8
9
10
11
12
-571.8
-363.1
1,198.2
529.0
3,998.9
4,330.0
4,457.9
1,975.7
3,497.5
5,112.5
1,934.4
2,114.4
996.7
586.3
3,202.4
3,740.1
3,658.4
4,841.9
5,268.9
2,826.0
4,447.4
5,484.9
3,170.8
3,680.2
31,806.6
31,119.7
38,428.2
39,186.7
38,250.1
40,148.2
41,130.1
37,903.4
39,223.8
42,012.2
41,939.6
43,138.3
30,809.9
30,533.4
35,225.8
35,446.7
34,591.7
35,306.3
35,861.3
35,077.4
34,776.4
36,527.3
38,768.8
39,458.1
-1,651.8
-1,270.7
-1,278.6
-1,268.9
147.4
-751.6
-859.3
-902.5
-1,192.8
-749.9
-304.5
-1,146.2
414.6
497.4
-365.6
-1,452.5
219.8
226.2
352.3
518.7
425.1
657.1
-690.2
-34.5
-331.3
-176.1
-360.0
-489.7
-26.7
13.5
-304.0
-466.5
-182.2
-279.6
-241.7
-385.1
2011P 1
2
3
4
5
6
7
8
9
10
154.7
1,126.1
1,329.5
1,277.6
2,183.9
2,030.7
3,773.6
292.6
2,829.8
4,231.3
1,557.9
1,530.8
2,754.0
3,327.6
1,633.8
2,699.6
4,728.0
371.5
2,098.2
3,647.3
42,662.8
37,228.3
47,800.4
47,879.4
47,149.8
47,693.6
48,555.9
45,634.9
47,202.7
46,572.7
41,104.9
35,697.2
45,046.4
44,551.8
45,516.0
44,994.0
43,827.9
45,263.4
45,104.5
42,925.4
-1,640.9
-569.1
-328.0
-178.8
15.5
-632.7
-690.9
-577.9
70.6
2.8
703.7
542.6
-858.4
-1,581.9
517.3
239.8
72.3
699.6
543.0
643.5
-466.0
-378.2
-238.1
-289.3
17.3
-276.0
-335.8
-200.6
118.0
-62.3
P: Preliminary
Source: The Bank of Korea & Korea Customs Service
Economic Bulletin
63
Errors and
omissions
289.6
-174.2
-68,666.4
-27,094.5
1,860.7
-2,882.1
6,917.1
-7,914.9
-251.1
3,287.8
382.3
25.8
-103.9
-14.6
-9,017.4
-19,541.8
-23,492.6
-16,614.6
-175.0
1,379.4
-1,636.0
2,292.3
746.6
-983.9
-388.6
618.5
16.7
-7,076.3
-4,725.3
-5,443.2
-175.6
27.1
31.1
-56.8
-8,595.1
-5,600.2
-10,411.5
-2,487.7
-108.0
241.1
-2,251.5
-763.7
-1,379.1
2,035.4
8,108.4
730.3
-542.9
-1,490.7
6,251.6
-1,432.5
-18,692.6
-181.4
-111.9
235.5
-3,479.2
-2,618.0
6,326.1
143.8
1,315.8
1,424.9
-643.0
-1,095.1
-1,039.8
-695.3
-855.9
-480.8
-1,644.2
-865.9
-795.6
-749.1
-2,855.1
-3,228.2
4,715.2
122.8
-2,053.4
6,879.7
4,157.3
4,890.2
8,470.1
4,004.4
8,752.4
5,829.4
2,992.6
967.0
473.2
-771.2
-2,358.9
274.1
1,279.7
-954.8
-155.1
-870.3
-25.5
-509.1
614.2
-89.3
2,644.7
-1,255.7
5,528.1
-4,669.7
1,818.3
-5,063.5
-3,538.9
2,696.1
591.7
-1,429.4
712.9
4,004.3
61.9
195.6
124.8
60.3
-16.5
-18.0
3.4
-29.4
-77.9
6.9
-56.4
34.9
-4,488.6
-1,260.0
-3,268.8
-5,444.1
-10,248.6
-3,849.1
-5,573.6
-7,095.2
-10,823.8
-7,965.8
-5,637.4
-3,011.4
-963.2
1,483.8
-695.6
83.9
711.9
583.6
-1,616.6
860.1
-879.5
1,614.1
64.2
614.0
-686.4
1,398.3
-867.2
641.8
-5,611.5
-4,129.3
-3,528.4
-1,421.7
-2,729.5
-5,869.7
-2,191.7
-336.2
-1,070.2
-613.7
-623.6
-1,163.6
-571.7
-828.8
-1,773.0
-1,184.2
-3,260.2
-5,393.9
-1,286.8
-1,610.0
118.0
2,484.0
7,557.6
5,792.1
747.2
559.1
8,592.4
1,061.0
4,378.7
7,447.3
2,227.2
-2,412.2
241.8
549.3
-44.5
80.6
-854.8
-209.7
-297.3
61.3
-152.6
0.4
106.9
511.2
7,076.7
-1,692.8
-5,367.2
5,343.4
-12,116.8
-302.9
-4,029.4
93.3
-789.2
-5,216.8
-1,494.4
1,268.0
-70.0
-43.2
-62.4
-120.5
101.3
46.3
-0.2
57.9
-26.6
-48.1
-25.3
16.6
-6,982.7
714.7
-2,327.1
-9,290.2
7083.3
-3393.3
-6020.9
-1,511.0
-2,879.6
-2,658.6
-1,719.3
1,890.2
1,258.2
-1,035.2
-331.0
-1,170.8
1,612.6
-200.7
-929.5
-554.0
-768.2
757.2
257.3
-1,778.2
-1,282.0
-1,996.2
524.1
394.7
-3,956.7
-3,246.0
-2,469.2
-1,690.6
-4,161.1
-4,365.0
-1,725.4
-1,635.1
-1,335.8
-7.38.8
-1,254.7
-2,144.6
327.1
-1,036.4
-2,098.3
-1,132.2
904.6
-3,004.0
720.3
4,575.0
-1,140.1
-1,399.5
9,258.3
-2,923.0
1,773.1
3,919.1
569.3
-363.3
524.3
-206.2
165.1
-501.8
526.6
-1,868.6
-148.7
108.5
1,773.3
5,126.9
-648.6
-145.9
-821.7
-464.9
-6,581.0
4,638.4
-16,750.0
2,811.6
-120.7
-32.7
-28.0
-33.6
-49.9
-28.4
13.8
41.5
180.2
109.7
-2,683.1
-2,088.0
1,291.9
-3,055.8
-855.4
1,293.2
-6,014.0
-542.5
12,882.6
-10,181.7
1,127.3
870.1
-1,853.6
-1,672.3
1,772.8
1,215.3
-1,304.4
1,398.0
1,331.3
133.7
Period
Capital &
financial
account
Direct
investment
Portfolio
investment
Financial
derivative
2009
2010P
-34,651.2
-25,331.5
-14,948.0
-19,379.7
49,727.7
38,552.4
-3,093.0
-7.4
2,038.9
-17,228.1
I
II
III
IV
-4,368.3
-12,936.8
-6,977.2
-10,368.9
-2,777.9
-2,032.0
-3,305.7
-6,832.4
2,784.6
15,927.2
21,226.9
9,789.0
-2,656.9
599.0
-1,050.9
15.8
2010P I
II
III
IV
-155.3
-9,099.0
-7,679.6
-8,397.6
-2,307.5
-2,564.1
-6,217.4
-8,290.7
10,159.6
7,098.4
14,032.1
7,262.3
2011P I
II
III
-2,754.1
-6,808.0
-8,320.9
-4,696.3
-4,138.1
-2,807.6
2009 1
2
3
4
5
6
7
8
9
10
11
12
2,763.4
-4,063.6
-3,068.1
-3,595.1
-3,865.7
-5,476.0
-2,438.2
-2,160.3
-2,378.7
-4,817.0
-4,229.2
-1,322.7
2010 P 1
2
3
4
5
6
7
8
9
10
11
12
2011P 1
2
3
4
5
6
7
8
9
10
2009
P: Preliminary
Source: The Bank of Korea
64
December 2011
Capital transfers
Other
& acquisition of
investment non-financial
assets
Producer prices
(2005=100)
Period
All Items
Commodity
Service
Core
All items
Commodity
Export
Import
2010
100.0
100.0
100.0
100.0
115.1
117.0
106.4
145.0
2010 1
2
3
4
5
6
7
8
9
10
11
12
98.8
99.0
99.2
99.6
99.7
99.6
99.8
100.3
101.1
101.1
100.6
101.0
98.3
98.6
98.9
99.6
99.5
99.2
99.5
100.3
102.0
102.0
100.8
101.5
99.2
99.4
99.5
99.7
99.9
99.9
100.2
100.3
100.4
100.4
100.6
100.7
99.3
99.5
99.4
99.6
99.8
99.9
100.1
100.3
100.4
100.4
100.4
100.7
112.7
113.0
113.7
114.6
115.2
114.8
114.9
115.2
116.3
116.4
116.7
117.8
113.9
114.5
115.3
116.4
117.1
116.6
116.7
117.1
118.6
118.6
118.9
120.5
103.5
104.7
104.0
103.8
106.7
109.9
109.4
107.4
106.9
105.0
106.3
109.6
136.9
137.6
139.2
140.9
144.7
147.6
147.0
147.4
147.4
146.1
149.2
156.1
2011 1
2
3
4
5
6
7
8
9
10
11
102.2
102.9
103.3
103.4
103.6
103.8
104.3
105.0
104.9
104.7
104.8
103.4
104.4
104.9
104.6
104.7
105.0
105.9
107.1
107.1
106.6
106.8
101.2
101.7
102.1
102.4
102.6
102.8
103.1
103.3
103.1
103.2
103.3
101.4
102.1
102.4
102.6
103.0
103.4
103.7
103.8
103.7
103.6
103.9
119.7
120.5
122.0
122.4
122.3
121.9
122.4
122.8
122.9
122.9
122.6
122.7
123.9
125.8
126.2
126.0
125.5
126.0
126.7
126.9
126.9
126.5
108.6
110.6
113.5
111.8
110.2
109.4
108.0
109.4
113.1
114.7
112.0
156.1
160.9
166.5
167.6
163.9
163.2
161.4
162.1
168.1
169.5
166.8
3.0
4.6
1.9
1.8
3.8
4.6
-2.6
5.3
2010 1
2
3
4
5
6
7
8
9
10
11
12
3.5
3.0
2.5
2.6
2.7
2.7
2.5
2.7
3.4
3.7
3.0
3.0
5.8
4.5
3.7
4.0
4.1
4.0
3.8
4.1
5.8
6.4
4.9
4.9
2.1
2.2
1.7
1.8
2.0
1.9
1.8
1.7
1.8
1.8
1.9
1.9
2.3
2.1
1.6
1.6
1.6
1.6
1.7
1.8
1.8
1.7
1.5
1.7
2.8
2.4
2.6
3.2
4.6
4.6
3.4
3.1
4.0
5.0
4.9
5.3
3.2
2.7
2.9
3.8
5.5
5.5
4.1
3.7
5.0
6.1
5.7
6.5
-6.9
-10.2
-12.2
-6.7
0.4
1.5
0.3
-1.7
-0.4
1.0
1.9
4.3
-0.9
-4.1
-4.3
5.1
11.3
8.0
7.5
5.7
7.8
8.1
8.2
12.7
2011 1
2
3
4
5
6
7
8
9
10
11
3.4
3.9
4.1
3.8
3.9
4.2
4.5
4.7
3.8
3.6
4.2
5.2
5.9
6.1
5.0
5.2
5.8
6.4
6.8
5.0
4.5
6.0
2.0
2.3
2.6
2.7
2.7
2.9
2.9
3.0
2.7
2.8
2.7
2.1
2.6
3.0
3.0
3.2
3.5
3.6
3.5
3.3
3.2
3.5
6.2
6.6
7.3
6.8
6.2
6.2
6.5
6.6
5.7
5.6
5.1
7.7
8.2
9.1
8.4
7.6
7.6
8.0
8.2
7.0
7.0
6.4
4.9
5.6
9.1
7.7
3.3
-0.4
-1.3
1.8
5.8
9.2
5.4
14.1
16.9
19.6
19.0
13.2
10.5
9.8
10.0
14.0
16.0
11.8
Economic Bulletin
65
Unemployment (%)
Regular
Temporary
Daily
24,748
23,829
4,028
18,214
3.7
16,971
10,086
5,068
1,817
2010 1
2
3
4
5
6
7
8
9
10
11
12
24,082
24,035
24,382
24,858
25,099
25,158
25,232
24,863
24,911
25,004
24,847
24,538
22,865
22,867
23,377
23,924
24,306
24,280
24,301
24,005
24,054
24,172
24,109
23,684
3,924
3,886
3,924
3,991
4,036
4,017
4,040
4,058
4,062
4,098
4,139
4,156
17,796
17,762
18,047
18,285
18,499
18,422
18,489
18,175
18,216
18,264
18,340
18,272
5.0
4.9
4.1
3.8
3.2
3.5
3.7
3.3
3.4
3.3
3.0
3.5
16,297
16,282
16,617
16,994
17,255
17,193
17,228
17,048
17,103
17,178
17,300
17,154
9,712
9,786
9,926
10,011
10,078
10,089
10,107
10,151
10,217
10,280
10,334
10,347
4,860
4,838
4,976
5,147
5,223
5,165
5,215
5,122
5,106
5,089
5,069
4,999
1,725
1,657
1,714
1,836
1,953
1,938
1,905
1,775
1,780
1,809
1,898
1,808
2011 1
2
3
4
5
6
7
8
9
10
24,114
24,431
24,918
25,240
25,480
25,592
25,473
25,257
25,076
25,409
23,196
23,336
23,846
24,303
24,661
24,752
24,636
24,495
24,318
24,673
4,148
4,149
4,122
4,108
4,137
4,135
4,079
4,031
4,014
4,044
18,007
18,019
18,244
18,536
18,731
18,812
18,844
18,739
18,595
18,856
3.8
4.5
4.3
3.7
3.2
3.3
3.3
3.0
3.0
2.9
16,832
16,856
17,065
17,357
17,626
17,720
17,667
17,510
17,378
17,608
10,305
10,390
10,543
10,618
10,708
10,716
10,718
10,710
10,764
10,796
4,848
4,781
4,782
4,928
5,064
5,132
5,137
5,031
5,047
5,094
1,680
1,684
1,740
1,812
1,854
1,872
1,811
1,769
1,567
1,718
1.5
1.4
5.0
1.2
3.1
7.4
-0.7
-7.4
2010 1
2
3
4
5
6
7
8
9
10
11
12
1.6
1.6
1.3
1.6
1.8
0.9
1.9
1.3
1.1
1.4
0.9
2.0
0.0
0.5
1.2
1.7
2.5
1.3
2.0
1.6
1.0
1.3
1.3
2.0
0.8
1.2
2.9
3.8
4.9
4.7
6.2
7.9
6.6
6.2
7.4
7.3
0.8
1.3
2.0
2.2
2.7
0.9
1.5
0.7
0.3
0.7
0.4
0.9
1.5
2.1
3.4
3.9
4.7
2.7
3.9
3.5
2.5
2.9
3.0
3.6
6.7
6.4
8.2
8.5
8.2
8.0
7.7
7.2
6.4
6.8
7.6
7.4
-2.4
-0.5
0.7
1.9
2.9
-2.2
-0.8
0.1
-0.9
-1.6
-3.6
-1.5
-12.4
-12.6
-12.6
-11.5
-6.6
-8.4
-2.4
-6.1
-7.8
-4.4
-1.7
-2.2
2011 1
2
3
4
5
6
7
8
9
10
0.1
1.6
2.2
1.5
1.5
1.7
1.0
1.7
0.7
1.6
1.4
2.1
2.0
1.6
1.5
1.9
1.4
2.0
1.1
2.1
5.7
6.7
5.1
2.9
2.5
2.9
1.0
-0.7
-1.2
-1.3
1.2
1.4
1.1
1.4
1.3
2.1
1.9
3.1
2.1
3.2
3.3
3.5
2.7
2.1
2.2
3.1
2.5
2.7
1.6
2.5
6.1
6.2
6.2
6.1
6.3
6.2
6.0
5.5
5.4
5.0
-0.3
-1.2
-3.9
-4.3
-3.0
-0.6
-1.5
-1.8
-1.2
0.1
-2.6
1.6
1.5
-1.3
-5.1
-3.4
-4.9
-0.3
-11.9
-5.0
66
December 2011
Stock
Period
Call rate
(1 day)
CD
(91 days)
Corporate bonds
(3 years, AA-)
Treasury bonds
(3 years)
Treasury bonds
(5 years)
KOSPI
(end-period)
2007 1
2
3
4
5
6
7
8
9
10
11
12
4.6
4.6
4.6
4.7
4.6
4.5
4.7
4.9
5.0
5.0
5.0
5.0
4.9
5.0
4.9
5.0
5.0
5.0
5.1
5.2
5.3
5.3
5.4
5.7
5.3
5.3
5.2
5.3
5.5
5.6
5.8
5.7
5.9
6.0
6.2
6.7
5.0
4.9
4.8
4.9
5.1
5.2
5.4
5.3
5.4
5.4
5.5
5.9
5.0
4.9
4.8
5.0
5.1
5.4
5.4
5.3
5.4
5.5
5.6
5.9
1,360.20
1,417.30
1,452.60
1,542.24
1,700.91
1,743.60
1,933.27
1,873.24
1,946.48
2,064.95
1,906.00
1,897.10
2008 1
2
3
4
5
6
7
8
9
10
11
12
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.2
5.2
4.9
4.0
3.3
5.8
5.3
5.3
5.4
5.4
5.4
5.5
5.8
5.8
6.0
5.6
4.7
6.6
6.3
6.1
5.9
6.2
6.7
7.0
7.1
7.5
8.0
8.6
8.4
5.4
5.1
5.2
5.0
5.3
5.7
6.0
5.8
5.8
5.1
5.0
4.0
5.5
5.1
5.2
5.0
5.4
5.8
6.0
5.8
5.8
5.2
5.2
4.3
1,624.68
1,711.62
1,703.99
1,825.47
1,852.02
1,674.92
1,594.67
1,474.24
1,448.06
1,113.06
1,076.07
1,124.47
2009 1
2
3
4
5
6
7
8
9
10
11
12
2.4
2.1
1.8
1.8
1.9
1.9
1.9
2.0
2.0
2.0
2.0
2.0
3.2
2.7
2.5
2.4
2.4
2.4
2.4
2.5
2.6
2.8
2.8
2.8
7.3
7.1
6.1
5.7
5.2
5.2
5.5
5.7
5.6
5.6
5.4
5.4
3.4
3.8
3.7
3.8
3.8
4.1
4.1
4.4
4.4
4.5
4.3
4.2
4.0
4.6
4.5
4.4
4.5
4.7
4.6
4.9
4.9
4.9
4.8
4.8
1,162.11
1,063.03
1,206.26
1,369.40
1,395.89
1,390.07
1,577.29
1,591.85
1,673.14
1,580.69
1,555.60
1,682.77
2010 1
2
3
4
5
6
7
8
9
10
11
12
2.0
2.0
2.0
2.0
2.0
2.0
2.2
2.3
2.3
2.3
2.4
2.5
2.9
2.9
2.8
2.5
2.5
2.5
2.6
2.6
2.7
2.7
2.7
2.8
5.4
5.3
5.0
4.7
4.5
4.7
4.8
4.7
4.4
4.1
4.2
4.2
4.3
4.2
3.9
3.8
3.7
3.8
3.9
3.7
3.5
3.2
3.4
3.3
4.8
4.8
4.5
4.4
4.4
4.4
4.5
4.3
3.9
3.7
4.0
4.0
1,602.43
1,594.58
1,692.85
1,741.56
1,641.25
1,698.29
1,759.33
1,742.75
1,872.81
1,882.95
1,904.63
2,051.00
2011 1
2
3
4
5
6
7
8
9
10
11
2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
3.3
2.9
3.1
3.4
3.4
3.5
3.5
3.6
3.6
3.6
3.6
3.6
4.5
4.7
4.5
4.5
4.4
4.4
4.5
4.2
4.2
4.3
4.2
3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
3.4
4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
3.5
2,069.73
1,939.30
2,106.70
2,192.36
2,142.47
2,100.69
2,133.21
1,880.11
1,769.65
1,909.03
1,847.51
Economic Bulletin
67
Period
(billion won)
Reserve money
M1
M2
Lf
2010
67,585.1
399,412.3
1,639,675.1
2,096,534.8
2010 1
2
3
4
5
6
7
8
9
10
11
12
65,054.7
66,563.8
65,643.6
64,274.7
67,835.1
66,250.8
66,958.2
67,318.7
70,266.5
69,905.0
69,476.8
71,472.9
381,218.2
387,858.6
386,015.4
388,174.7
394,880.2
400,132.8
403,785.1
400,882.5
403,413.5
405,000.1
414,912.8
425,673.9
1,574,215.8
1,595,403.8
1,607,896.1
1,621,176.9
1,630,904.7
1,647,981.2
1,653,057.5
1,653,907.2
1,659,400.1
1,669,376.6
1,679,909.9
1,682,871.9
2,019,563.5
2,041,164.1
2,056,233.7
2,069,616.1
2,084,007.4
2,104,724.0
2,111,672.2
2,113.052.7
2,123.558.2
2,134,385.4
2,145,901.5
2,154,538.9
2011 1
2
3
4
5
6
7
8
9
10
73,540.8
75,432.1
73,012.7
73,206.1
73,828.5
74,705.5
74,069.7
75,642.3
77,942.2
76,944.6
429,368.1
432,482.8
430,936.6
425,420.5
423,994.7
421,885.3
418,973.1
422,649.3
425,196.4
421,480.1
1,676,448.8
1,674,390.5
1,677,475.9
1,684,792.3
1,690,543.0
1,697,204.2
1,705,451.5
1,719,437.8
1,729,531.1
1,742,645.4
2,152,814.0
2,148,254.1
2,152,736.5
2,163,485.7
2,175,557.3
2,189,729.2
2,208,624.3
2,230,191.9
2,243,675.6
2,263,627.7
9.5
11.8
8.7
8.2
2010 1
2
3
4
5
6
7
8
9
10
11
12
1.6
5.6
0.0
4.7
12.9
11.3
12.7
11.1
17.8
9.8
13.6
14.1
15.0
15.9
12.6
10.8
10.9
10.5
11.1
11.0
10.2
9.0
11.8
12.9
9.3
9.4
9.3
9.4
9.3
9.7
9.3
8.5
8.1
7.6
7.4
7.2
8.1
8.6
8.8
9.0
8.9
9.3
8.8
8.0
7.7
7.2
7.3
6.9
2011 1
2
3
4
5
6
7
8
9
10
13.0
13.3
11.2
13.9
8.8
12.8
10.6
12.4
10.9
10.1
12.6
11.5
11.6
9.6
7.4
5.4
3.8
5.4
5.1
4.1
6.5
5.0
4.3
3.9
3.7
3.0
3.2
4.0
4.2
4.4
6.6
5.2
4.7
4.5
4.4
4.0
4.6
5.5
5.7
6.1
68
December 2011
/US$
/100
/Euro
Period
End-period
Average
End-period
Average
End-period
Average
2010
1,138.9
1,156.3
1,397.1
1,320.6
1,513.6
1,532.9
2010 1
2
3
4
5
6
7
8
9
10
11
12
1,156.5
1,158.4
1,130.8
1,115.5
1,200.2
1,210.3
1,187.2
1,189.1
1,142.0
1,126.6
1,157.3
1,138.9
1,138.8
1,157.1
1,137.6
1,117.1
1,163.1
1,212.3
1,207.3
1,179.9
1,167.0
1,123.4
1,126.2
1,147.6
1,287.0
1,299.3
1,217.7
1,186.8
1,318.5
1,364.6
1,370.0
1,406.0
1,363.3
1,390.7
1,373.4
1,397.1
1,248.3
1,281.7
1,255.8
1,195.3
1,265.2
1,333.6
1,377.7
1,380.2
1,384.2
1,371.1
1,366.6
1,376.7
1,614.6
1,569.2
1,518.2
1,479.3
1,474.2
1,475.4
1,552.4
1,505.9
1,556.0
1,569.3
1,518.3
1,513.6
1,627.5
1,584.5
1,544.9
1,501.7
1,460.7
1,480.9
1,540.3
1,523.3
1,518.7
1,559.6
1,541.3
1,515.4
2011 1
2
3
4
5
6
7
8
9
10
11
1,114.3
1,127.9
1,107.2
1,072.3
1,080.6
1,078.1
1,052.6
1,071.7
1,179.5
1,104.5
1,150.3
1,120.1
1,118.1
1,122.5
1,086.8
1,083.5
1,081.3
1,059.5
1,073.2
1,118.6
1,155.5
1,132.3
1,356.6
1,380.7
1,331.9
1,313.8
1,335.6
1,335.7
1,353.2
1,396.8
1,536.6
1,458.0
1,475.7
1,356.3
1,351.0
1,376.2
1,304.8
1,333.6
1,342.8
1,333.4
1,391.4
1,456.5
1,508.2
1,460.0
1,514.0
1,549.5
1,563.5
1,591.2
1,549.7
1,560.5
1,507.9
1,547.3
1,601.4
1,562.7
1,532.9
1,495.4
1,524.6
1,572.6
1,569.4
1,551.3
1,555.4
1,515.4
1,538.7
1,542.4
1,584.0
1,536.6
-2.5
-9.4
10.6
-3.1
-9.6
-13.6
2010 1
2
3
4
5
6
7
8
9
10
11
12
-15.5
-23.6
-17.9
-17.2
-5.7
-5.8
-4.3
-4.5
-3.9
-6.2
-0.9
-2.5
-15.4
-19.1
-22.2
-16.8
-7.6
-3.9
-4.5
-4.7
-4.3
-4.4
-3.3
-1.6
-15.4
-15.7
-13.9
-14.2
0.3
2.1
5.4
5.5
3.4
5.9
1.9
10.6
-16.1
-17.1
-16.0
-11.9
-3.0
2.2
3.0
5.8
3.9
5.4
4.8
5.8
-8.7
-18.7
-16.4
-17.2
-16.8
-18.5
-11.1
-15.4
-10.3
-11.9
-13.3
-9.6
-9.3
-13.4
-18.9
-15.2
-15.0
-16.2
-13.4
-13.8
-14.4
-10.5
-11.2
-11.1
2011 1
2
3
4
5
6
7
8
9
10
11
-3.6
-2.6
-2.1
-3.9
-10.0
-10.9
-11.3
-9.9
3.3
-2.0
-0.6
-1.6
-3.4
-1.3
-2.7
-6.8
-10.8
-12.2
-9.0
-4.1
2.8
0.5
5.4
6.3
9.4
10.7
1.3
-2.1
-1.2
-0.7
12.7
4.8
7.4
8.7
5.4
9.6
9.2
5.4
0.7
-3.2
0.8
5.2
10.0
6.8
-6.2
-1.3
3.0
7.6
5.1
5.8
-2.9
2.7
2.9
-0.4
1.0
-8.1
-3.8
1.8
4.5
6.2
5.0
-1.6
1.0
1.6
1.6
-0.3
Economic Bulletin
69
Editor-in-Chief
Hong Nam-Ki (MOSF)
Editorial Board
Kim Young-Min (MOSF)
Shim Jae-Hak (KDI)
Lee Sung-Shin (KDI)
Coordinators
Kim Dae-Hyun (MOSF)
Cho Hyun-Joo (KDI)
Editors
Cho Eun-Hyung (MOSF)
Eli Horn (MOSF)
Lee Ji-Youn (KDI)